Chamber of Accounts says oil production will drop, gas extraction will increase

A 4.6% reduction in oil output and 6.2% increase in gas extraction is planned in Azerbaijan next year, the Chamber of Accounts said in a conclusion on budget package.

According to Report, in line with the document, the growth in oil and gas sector will happen through the increase in gas extraction.

From January through September of this year, Azerbaijan produced 34,4 billion cubic meters of natural gas. Compared to the corresponding period of last year, gas was produced with an increase of 8.6%, i.e. 2.7 billion cubic meters.

Azeri-Chirag-Guneshli produced 10 billion cubic meters of gas, Shah Deniz produced 18.5 billion cubic meters, and the State Oil Company of Azerbaijan (SOCAR) was responsible for 5.9 billion cubic meters.

From January through September of this year, the country produced 24.5 million tons of oil (including condensate).

Azeri-Chirag-Gunashli accounted for 15.4 million tons of oil production in the republic, and Shah Deniz was responsible for 3.3 million tons (condensate).

SOCAR accounted for 5.8 million tons in oil production (including condensate).