Equinor cuts daily oil, gas production in Azerbaijan over 11% in 2024

The Norwegian oil and gas company, Equinor, reported that its daily oil equivalent production in Azerbaijan averaged 23,000 barrels in 2024, reflecting an 11.54% decrease from 26,000 barrels in 2023.

According to a report by the company, these figures reflect production levels prior to the completion of the sale of its oil and gas assets in Azerbaijan, Caliber.Az reports via local media.

Globally, Equinor's daily production across all its operations in 2024 totalled 2.067 million barrels of oil and gas, marking a slight decrease of 0.72% compared to the previous year. Azerbaijan accounted for 1.11% of the company’s total production.

It should be noted that on November 29, 2024, Equinor finalised the sale of a 7.27% non-operating interest in the Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea’s Azerbaijani sector, as well as an 8.71% stake in BTC Co, the operator of the Baku-Tbilisi-Ceyhan (BTC) pipeline.

Additionally, Equinor sold SOCAR a 50% stake in the Karabakh field project, a deal completed in April 2024.

The total proceeds from the asset sales in Azerbaijan amounted to $713 million.

By Aghakazim Guliyev