Over 12 million tonnes of oil produced in Azerbaijan in 2023

Azerbaijan's Energy Minister Parviz Shahbazov revealed the amount of oil and oil condensate produced in Azerbaijan in the first half of 2023.

"According to operational data in January-May, oil-condensate production was 12.7 million tonnes, and export was 10.6 million tonnes," Shahbazov wrote on Twitter on June 13, per Caliber.Az.

Shahbazov also announced the volume of natural gas exported to foreign markets during the same period.

According to him, gas exports from January-May 2023 increased by 9.6%. Some 4.8 billion cubic meters (bcm) of gas was exported to Europe, 4.3 bcm to Türkiye, and 1.2 bcm to Georgia. During this period, the Trans Anatolian Pipeline (TANAP), the largest segment of the Southern Gas Corridor pipeline, supplied Türkiye with 2.4 bcm of gas.

In 2022, Azerbaijan exported 26.3 million tonnes of oil. In the reporting period, oil production amounted to 32.6 million tonnes, and gas production increased by 6.5 per cent compared to the same period in 2021.

In addition, 22.3 billion cubic meters of gas were exported in 2022, which is 47.7 per cent of the total volume (46.7 billion cubic meters) of gas production.

According to the US official data, the crude oil estimated reserves of Azerbaijan stand at 7 billion barrels, based on 2021 statistics. The same data puts the proven gas reserves of the country at 1.7 trillion cubic meters.

However, the Azerbaijani authorities estimate the gas reserves to be 2.6 trillion cubic meters.