Natig Aliyev: “Q1 oil production exceeded forecast by 214,000 tonnes”

Baku: Economics. Investments in the economy, as well as mining and processing industry increased in the first quarter, said the Minister of Finance Fazil Mammadov at the meeting of the Cabinet of Ministers on outcomes of socio-economic development of the first quarter and duties laying ahead: “During the reporting period, 10,562,000 tonnes of crude oil, 7.677 bcm of gas have been produced, up 255,000 tonnes nad 557 mcm of gas from previous year”.

Aliyev noted that on January 29, newly-launched Western Chirag platform within te full exploitation of Azeri-Chirag-Guneshli fields block produced its first oil: “The West Chirag platform has been installed at a water depth of about 170 m and its daily capacity is 25,000 tonnes of crude oil and 8 mcm of gas. This platform will produce 8.2 mln tonnes of oil and 2.8 bcm of gas per year”.

The minister noted that according to outcomes of 2013, ACG fields produced 32,717,000 tonnes of crude oil against 30,623,000 tonnes of forecast. During the first quarter of this year, oil production made 7,908,000 tonnes exceeding forecast of 7,694,000 by 214,000 tonnes.