ECONOMY
Energy Global portal issues article about development of Azerbaijan`s oil and gas industry
London, August 5 (AZERTAC). The UK-based Energy Global portal has published an article about the development of oil and gas industry of Azerbaijan.
The article says: “Azerbaijan is among the oldest oil producers in the world. Oil and natural gas production and export are central to economic growth. The country is one of the Caspian region’s most important strategic export routes to the West. The world’s first paraffin factory was opened in Azerbaijan in 1823.
Almost immediately following its independence in 1991 from the Soviet Union, the country allowed foreign participation in its oil sector.
In general, hydrocarbons are produced under production sharing agreements. Azerbaijan produces three grades of crude oil -the SOCAR - produced barrels, Azeri BTC and Azeri Light.
The country exported an estimated 738,000 bbl/d of crude oil in 2013.
Crude oil exports peaked in 2010, but have fallen every year since as production has declined. As of January 2014, there was a crude oil refining capacity of 399,000 bbl/d.
As of January 2014, proven crude oil reserves were estimated at 7 billion bbls. Azerbaijan’s importance as a natural gas supplier will grow in the future as field development and export infrastructure expand.”