Date of start of gas extraction from ACG field block deep layers unveiled

Gas production from deep reservoirs at the Azeri-Chirag-Guneshli block of fields (Azerbaijani sector of the Caspian Sea) is expected to begin at the end of 2024.

OPEC lowers forecast on Azerbaijani oil production for 2023

Oil price goes up, and Brent is at $82.87 a barrel

Prices for oil of benchmark grades are increasing in Tuesday's trading.

New appointment at SOCAR

The head of the Department of Human Capital Development & Functional Improvement of the State Oil Company (SOCAR) has been appointed.

Gas production and the non-oil sector partially offset the decline in oil revenues

Fitch forecasts oil at $120 in 2024

The price of oil may be at the level of $120 per barrel as early as 2024, if the Middle East conflict leads to disruption of energy supplies.

Oil price goes down, and Brent is at $80.72 a barrel

Prices for oil of benchmark grades are falling in Monday’s trading.

Oil price goes down, and Brent is at $84.77 a barrel

Prices for oil of benchmark grades are falling in Tuesday’s trading after a slight rise following the last session.

Oil price goes up, and Brent is at $85.34 a barrel

Prices for oil of benchmark grades are rising in Monday’s trading after last week’s sharp decline.

SOFAZ revenues from sale of profitable oil and gas from ACG lowered by 29%

A proposal made to cancel limit on natural gas

A proposal has been made to abolish the annual limit on the use of natural gas at a low tariff for gas consumers from the "population" category.

Value of oil goes up, and Brent is at $87.10 per barrel

Prices for oil of benchmark grades are growing in Friday’s trading after rising following the trading the day before for the first time in 4 sessions.

Number of BP Azerbaijan employees grew by 2%

In the 3rd quarter of 2023, the number of Azerbaijani citizens who are employees of BP amounted to 2,395 people, including employees working on fixed-term contracts.

Production at ACG declined almost by 12%

In the 3rd quarter of 2023, stable production at Azeri-Chirag-Guneshli (ACG) field complex continued safely and reliably, but daily production fell almost by 12%.

EU intends to cut gas imports from Russia

The EU countries intend to reduce the import of Russian natural gas to 40-45 bcm this year.

Oil price goes up, and Brent is at $85.40 a barrel

Prices for oil of benchmark grades are rising in Thursday's trading after decline following the previous three sessions.

Price of oil goes up, and Brent is at $85.25 a barrel

Prices for oil of benchmark grades are rising in Wednesday’s trading.

Azerbaijan increases gas exports to EU

Over Jan-Aug 2023 EU countries Italy, Greece and Bulgaria increased gas imports from Azerbaijan by 5.9% against 2022, up to 322,509 terajoules

Azerbaijan’s electricity exports grew 9-fold in 9 months

Electricity is in the 1st place in the list of non-oil sector products exported from January to September 2023.

WB: Oil price may exceed $150

The ongoing conflict between Israel and Hamas could lead to a dramatic surge in global oil prices exceeding $150 per barrel.

Oil gets more expensive, and Brent is at $86.79 a barrel

Prices for oil of benchmark grades are growing in Tuesday’s trading after a drop the day before.