Azeri Oil, Gas Output Falls

Azerbaijan's oil production dropped by 9% year-on-year to 19.161 million tons in the first half of 2017, the country's State Statistics Committee said on Monday. The Azeri-Chirag-Guneshli oilfields account for most of Azerbaijan's oil production. Natural gas output in the six months was also down year-on-year, dropping to 14.115 billion cubic meters from 14.923 bcm in the same period of 2016, Reuters reported. Natural gas is produced at Shah Deniz offshore field, which is estimated to contain 1.2-1.5 trillion cubic meters of gas. Azerbaijan produced 41.03 million tons of oil and 29.33 bcm of gas in 2016. Natural gas production from the Shah Deniz offshore fields in Azerbaijan was about 10.7 billion cubic meters and condensate output was 2.5 million tons, up from 9.9 bcm of gas and 2.3 million tons of condensate in 2015. Azerbaijan's oil output totaled 41.03 million tons in 2016, down from 41.7 million tons a year earlier. Natural gas output was 29.33 bcm last year, down from 29.72 bcm in 2015.