BP-led consortium produced 8.6mn tons of oil and 3.4 bcm of gas in 1Q16
In 1Q16, BP-led consortium produced 8.0mn tons of oil (+0.0% y/y, +3.9% q/q) from the Azer-Chirag-Gunashli (ACG) field and 0.6mn tons of condensate (flat in annual terms) from the Shah-Deniz field, corresponding to 81.9% of total Azerbaijani oil production.
Gas production from Shah-Deniz increased 3.8% y/y to 2.7 bcm in 1Q16, while associated gas production from ACG was down 42.3% y/y to 0.7 bcm. As a result, BP-led consortium’s gas production accounted for 45.3% of total gas production in Azerbaijan in 1Q16.
Capital and operating expenditures of BP-led consortium down in 1Q16
Consortium’s operating expenses were down 12.7% y/y to US$ 0.3bn in 1Q16 and capital expenditures were down 12.9% y/y to US$ 1.6bn.
Turnover at Baku Stock Exchange up 119.8% m/m in April 2016
In April 2016, turnover at the Baku Stock Exchange was up 119.8% m/m (-47.6% y/y) to AZN 419.6mn on the back of increased trade of debt instruments (+143.0% m/m to AZN 374.5mn). Overall, derivative instruments accounted for 89.2% of total turnover in April 2016. In US$ terms, turnover increased to US$ 276.9mn (+132.1% m/m and -63.7% y/y).
Overall in 4M16, the Stock Exchange trade turnover declined to AZN 1.0bn (-82.5.0% y/y). Trade in derivatives, introduced in 1H14, accounted for 77.3% of total turnover. In US$ terms, turnover declined 90.1% y/y in 4M16 to US$ 0.6bn.
