Country Report: Republic of Azerbaijan News and reports!

Machine summary:

The Azeri, Chirag, and Gunashli fields constitute Azerbaijan's largest proven oil reserves (with oil reserves of 4,600 million barrels per day). The development of these fields will be carried out in four stages; currently, the first stage of the oil project (Chirag-1) has been completed and has a production capacity of 8,000 barrels per day. Most of Azerbaijan's oil production comes from offshore areas (Refer to page image) Chart 1-History of oil and gas condensate production (thousand barrels per day) (Refer to page image) is, while production in onshore areas is still decreasing. Table 3-Oil and gas condensate production in Azerbaijan in 1998 (Refer to page image) *With consideration of AIOC Potential Oil Production The future production level in Azerbaijan depends on two important factors: effective explorations in the Azeri-Chirag-Gunashli contract area and exploratory successes in offshore areas. Although this was affected by low oil prices and subsequently, Chart 2-Potential for oil and gas condensate (thousand barrels per day) (Refer to page image) (Refer to page image) Chart 3-Overall oil supply and demand balance (thousand barrels per day) (Refer to page image) revenue reduction through AIOC was affected, but from 1999 onwards, a stability and 4 percent growth in consumption is estimated. Table 5-Gas production in Azerbaijan 1997-1998 (million cubic feet) (Refer to page image) *Except AIOC Table 4-Oil supply and demand balance thousand barrels per day (Refer to page image) *With consideration of AIOC Many of the aforementioned oil fields in offshore areas contain quantities of gas (estimated at 2.