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Share Price: 524.80
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Change: -1.50 (-0.29%)
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Open: 529.30
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Azeri SOCAR oil exports drop 6.5 pct in January-February

Tue, 11th Mar 2014 15:08

BAKU, March 11 (Reuters) - Azeri state energy company SOCARcut oil exports by 6.5 percent to 3.727 million tonnes inJanuary-February from 3.984 million tonnes a year ago due tofalling oil production, a SOCAR source said.

The source said SOCAR exported 169,649 tonnes of oil viaRussia through the Baku-Novorossiisk pipeline inJanuary-February, down from 251,755 tonnes in the same periodlast year.

Exports of oil through the Baku-Supsa pipeline via Georgiaincreased to 565,129 tonnes from 560,936 tonnes last year, whileexports through Baku-Tbilisi-Ceyhan via Georgia and Turkey were2.992 million tonnes, down from 3.2 million tonnes last year.

The Azeri government has been concerned about output fromthe Azeri, Chirag and Guneshli (ACG) oilfields - the biggest oilproject in Azerbaijan and one of the largest globally for oilmajor BP - after production fell in 2012.

Output from the project rose in 2013. As for this year, BPsaid in January that production might be slightly lower than in2013 as the company planned maintenance work at the CentralAzeri and West Azeri platforms, halting operations for a coupleof weeks.

It did not say when the work would start.

Azerbaijan's oil and condensate output fell by 5.2 percentyear on year in January to 3.6 million tonnes.

The State Statistics committee has not yet released figuresfor output in February.

For 2013, Azerbaijan has said oil and condensate productionrose by 0.4 percent to 43.5 million tonnes after two years ofdecline.

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