According to operational data in January, oil-condensate production was 2.5 million tons, and export was 2.1 million tons. During January, 2.3 bcm out of the 4.3 bcm gas produced with an increase of 30 million cubic meter was exported.
Gas export increased by 4.5 per cent in January. 1.1 bcm of gas was exported to Europe, 0.8 bcm to Türkiye, and 0.4 bcm to Georgia. During this period, TANAP supplied Türkiye with 0.4 bcm of gas.
In January 2024, Azerbaijan increased gas production by 30 million cubic meters, said Minister of Energy of Azerbaijan Parviz Shahbazov on X, Trend reports.
"During this period, 2.3 billion cubic meters of gas were exported out of a total of 4.3 billion," he wrote.
In addition, the minister stressed that oil production for January amounted to 2.5 million tons, of which 2.1 million tons were sent for export.
Azerbaijan boasts substantial gas reserves offshore. Estimates indicate that the proven reserves of the vast Shah Deniz field reach 1.2 trillion cubic meters of gas and 240 million tons of condensate.
Furthermore, Azerbaijan's hydrocarbon portfolio includes the Umid-Babek field. Preliminary data suggests that the Babek field could hold reserves totaling 400 billion cubic meters of gas and 80 million tons of condensate.
Regarding other promising fields, the Shafag-Asiman block is estimated to hold reserves of 500 billion cubic meters of gas and 65 million tons of condensate. Additionally, the initial stage of production from the Absheron field aims to yield 1.5 billion cubic meters of gas.