Oil production up 3.1% y/y in August 2016
Azerbaijan produced 3.5mn tons of crude oil in August 2016, +3.1% y/y (-4.0% m/m), according to SOCAR. Growth was driven by 6.2% y/y increase in non-SOCAR production, while SOCAR production was down 9.0% y/y.
In 12 month cumulative terms, production was up 1.6% y/y to 41.9mn tons.
Gas production up 35.3% y/y in August 2016
According to SOCAR, gas production was up 35.3% y/y in August 2016 to 2.5bcm in gross terms (includes commercially available gas and re-injected/flared gas), mainly due to the low base of the previous year. In monthly terms, production was down 1.8%. SOCAR’s gross gas production in August 2016 was down 11.9% y/y, while non-SOCAR production was up 58.3% y/y.
Production of commercially available gas was up 42.1% y/y to 1.4bcm (-17.4% m/m) in August 2016, according to AzSTAT.
In 12 cumulative terms, gross gas production as of August 2016 was up 6.6% y/y and up 2.2% m/m to 30.0bcm.
