Of this amount, oil produced by the Azerbaijan International Operating Company makes up $21bn. The payment balance says export of SOCAR oil and of other companies, functioning on the onshore fields of Azerbaijan, hit $1.3bn. Shah Deniz field has exported condensate in the amount of $126.3m.
Azerbaijan exports oil products at $1,571.5m in 2010
Under the payment balance of the country, prepared by the Central Bank of Azerbaijan, in 2010 Azerbaijan supplies oil products in the amount of $1,517.5m to the world markets.
By results of 2010 SOCAR exported 1.846m tons of oil products, a decrease by 140,000 tons over 2009.
The highest volume of export was traditionally of diesel fuel-1,533,000 tons, an increase by 99,000 tons on 2009. Automobile gasoline export was 196,844 tons (-30,340 tons), jet fuel – 114,563 tons (-157,164 tons), black fuel-1,361 tons (-33,136 tons).
Investments in Azerbaijan’s oil and gas sector in 2010
According to the country’s payment balance, prepared by the Central Bank of Azerbaijan for 2010, the direct foreign investments in Azerbaijan’s economy made up $3.347bn.
76.9% or $2.573bn of direct foreign investments are sent to oil and gas sectors.
The main funds were spent by BP Exploration (Shah Deniz) and Azerbaijan International Operating Company.
The volume of direct foreign investments into the nonoil economic sector of Azerbaijan last year was $773.9m. The share of direct foreign investments in the nonoil economic sector in 2010 was 23.1%.
SOCAR starts drilling exploration well on Alyat Deniz field
The State Oil Company of Azerbaijan started drilling an exploration well on the Alyat-Deniz field.
According to sources in the company, the No 63 well is drilled from the No63 offshore stationary platform. The projected depth of the well is 4900 meters. The well drilling aims at evaluation.
Alyat-Deniz field has been developed since 1985. It is located 55 km southwest of Baku. 1.8m tons of oil were developed there in 22 years.