US Department of Energy: Azerbaijan’s oil reserves reach seven billion barrels

The US Department of Energy has said that proven oil reserves in Azerbaijan as of January 1, 2025, are estimated at 7 billion barrels, while natural gas reserves stand at 60 trillion cubic feet.

Azerbaijan's peak oil production, excluding condensate, occurred between 2009 and 2010, reaching nearly 1 million barrels per day, Caliber.Az reports per local media.

The US Department of Energy forecasted that total liquid hydrocarbon production in the country would average just over 600,000 barrels per day from 2024 to 2026.

The Azeri-Chirag-Gunashli (ACG) block of fields is the primary source of liquid hydrocarbon production in Azerbaijan, although production here peaked at 823,100 barrels per day in 2010. 

"Oil from this block of fields, as well as condensate from the Shah Deniz gas field, are the main liquid hydrocarbons, which are produced and exported by Azerbaijan," the statement said.

The proven oil reserves in Kazakhstan are estimated at 30 billion barrels as of January 1, 2025, while Turkmenistan's reserves stand at 600 million barrels and Uzbekistan's at 594 million barrels. The Department of Energy also highlighted that in 2023, three Caspian countries (Azerbaijan, Kazakhstan, Turkmenistan) and Uzbekistan accounted for 3 per cent of global energy production and 1 per cent of global energy consumption.

Azeri-Chirag-Deepwater Gunashli (ACG) field located about 100km east of Baku is the largest oilfield in the Azerbaijan sector of the Caspian basin.

BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.

In 2023, bp and its co-venturers spent about $504 million in operating expenditure and $1,518 million in capital expenditure on ACG activities.

By Naila Huseynova