Country Report
Azerbaijan upstream summary
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Report summary
Upstream industry dominated by two offshore megaprojects - The BP-operated Azeri Chirag Guneshli (ACG) oil field and Shah Deniz gas-condensate field account for the majority of production and investment.ACG focus: stabilising production, with PSC extension confirmed - The six-billion-barrel ACG oil field peaked at 823,000 b/d in 2010, with output since declining to about 600,000 b/d. In 2016, BP and partners signed a Letter of Intent to extend PSC expiry from 2024 to end-2049. Terms were ...
Table of contents
- Executive summary
- Key facts
- Location maps
-
Key companies
- Key projects
- Other projects
-
Geology
- Introduction
-
South Caspian basin
- Structural (tectonic) elements
- Absheron province
- Gobustan province
- Lower Kura province and Baku Archipelago
- South Caspian deepwater basin
- Stratigraphy
- Reservoirs and source rocks
- North Caucasus-Mangyshlak basin
-
Exploration
- Licensing
-
Licensing and IOC activity
- Licensing since 1991
- 1991
- 1992
- 1993
- 1994
- 1995
- 1996
- 1997
- 1998
- 1999
- 2000
- 2001
- 2002
- 2003
- 2004
- 2005
- 2006
- 2007
- 2008
- 2009
- 2010
- 2011
- 2012
- 2013
- 2014
- 2015
- 2016
- 2017
-
Drilling
- Drilling activity
- SOCAR
- Future drilling plans
-
Offshore IOC activity
- Offshore PSC drilling commitments
- Offshore drilling challenges
-
Active IOC exploration licences (offshore)
- Absheron (Deep Water)
- Bahar 2
- Dan Ulduzu-Ashrafi
- Shafag Asiman
- Shallow Water Absheron Peninsula (SWAP)
-
Potential IOC exploration licences (offshore)
- D230
-
Other IOC exploration licences (offshore)
- Alov
- Lerik
- Semi-submersible rigs
-
Jack-up rig
- Saturn (formerly Trident 20 / Gurtulush)
- IOC exploration licences (onshore)
-
Reserves and resources
-
Oil and gas reserve classification
- Azerbaijani reserve classification system
- Azerbaijani gas reserves
- Wood Mackenzie methodology
- Commercial reserves by basin
- Technical reserves by basin
-
Commercial reserves by sector
- Onshore
- Offshore
- Commercial reserves by asset
-
Oil and gas reserve classification
-
Production
-
Liquids
- Historical liquids production
- Future liquids production
-
Gas
- Historical gas production
- Future gas production
- Gas markets
-
Liquids
-
Infrastructure
-
Introduction
- Overview
- Oil infrastructure
- Oil transit
- Gas infrastructure
- Oil infrastructure
-
International pipelines
- Baku-Tbilisi-Ceyhan (BTC) pipeline
- Northern Route Export Pipeline (to Novorossiisk, Russia)
- Western Route Export Pipeline (Baku-Supsa)
-
Transit of Central Asian crude (via BTC)
- Turkmenistan (current)
- Kazakhstan (previous) - Tengizchevroil (TCO)
- Kazakhstan (potential) - Kashagan Contract Area
-
Ports and terminals
- Dubendi (Baku port)
- Sangachal
- Storage facilities
-
Rail infrastructure
- Baku-Tbilisi-Kars railway
- Refineries
- Gas infrastructure
-
International pipelines
- Southern Gas Corridor
- Legacy pipelines to/from Iran
- Legacy pipelines to Georgia
- Legacy pipeline to/from Russia
- Legacy pipelines via Armenia (inactive)
-
Proposed gas pipelines
- Trans-Caspian Gas Pipeline (TCP)
- Azerbaijan-Iran
- Turkey-Nakhchivan
-
Gas processing / gas-feed facilities
- Existing facilities
- Future facilities
- Underground gas storage (UGS)
-
Introduction
-
Costs
- Introduction
-
Capital costs
- Capital expenditure by location
-
Operating costs
- Operating expenditure by location
-
Policy and regulation
-
Key legislation
- Subsoil Law (February 1998)
- Energy Law (November 1998)
- Energy Resources Law (May 1996)
- Foreign Investment Law (January 1992)
-
Other legislation
- Law on Gas Supply (May 1998)
- Presidential Decree No. 150 (December 2004) and Internal Regulation of the Ministry of Industry and Energy of the Azerbaijan Republic (May 2006)
- Law on oil and gas export activities
-
Regulatory body
- Gas regulation
- New Customs Code
- State Oil Fund (SOFAZ)
-
State oil company
- Southern Gas Corridor Company (SGC)
- State participation
- International boundaries
-
Legal status of the Caspian Sea
- Overview
- North Caspian Sea
- South Caspian Sea
- Licensing
-
Key legislation
-
Fiscal terms
- Overview
- Upstream
- Midstream / downstream
- Current fiscal terms
-
Production Sharing Contracts (PSCs)
- State equity
- Bonuses, rentals and fees
- Indirect taxes
- Royalty and other production taxes
- Local market oil obligation (LMO)
- Cost recovery
- Profit sharing
- Contractor revenue entitlement
- Product pricing
- Corporate (or petroleum) income tax (CIT)
- Additional profit taxes
- Fiscal/Contractual ring fences
- Dividend withholding tax
-
Risk Service Agreement (RSA)
- Sample Cash Flow
- Marginal government take calculation
-
Historical background
- Joint Venture contracts (JVs)
- PSCs
Tables and charts
This report includes 60 images and tables including:
- Liquids production by field
- Gas production by key fields
- Key facts: Table 1
- Location maps: Image 1
- Remaining Commercial and Technical Reserves at 01/01/2018
- Liquids and Gas Production 2017
- Azerbaijan: sedimentary basins and geological trends
- Simplified tertiary stratigraphy
- Absheron province: Productive Sequence litho-stratigraphic units
- Middle and Upper Productive Sequence: local stratigraphic nomenclature
- Reserves and resources: Table 2
- Remaining and produced commercial reserves at 01/01/2018 (p+p)
- Reserves and resources: Table 3
- Reserves and resources: Table 4
- Infrastructure: Table 1
- Infrastructure: Table 2
- Infrastructure: Table 3
- South Caspian basin: tectonic elements
- Exploration: Table 1
- Block awards and relinquishments
- Active licences: exploration and production
- Reserves and resources: Table 1
- Commercial liquid reserves by region at 01/01/2018 (p+p)
- Commercial gas reserves by region at 01/01/2018 (p+p)
- Production: Table 1
- Production: Table 2
- Liquids production by sector
- Production: Table 3
- Production: Table 4
- Liquids production by basin
- Production: Table 5
- Production: Table 6
- Liquids production by field
- Production: Table 7
- Production: Table 8
- Gas production by sector
- Production: Table 9
- Production: Table 10
- Gas production by basin
- Production: Table 11
- Production: Table 12
- Gas production by key fields
- Azerbaijan: oil infrastructure
- Azerbaijan: rail network
- Azerbaijan: gas infrastructure
- Infrastructure: Table 4
- Costs: Table 1
- Costs: Table 2
- Costs: Table 3
- Costs: Table 4
- Map of agreed Russia-Kazakh line and Azerbaijan proposed area
- Map of agreed Russia-Kazakh line and Turkmenistan proposed area
- Fiscal terms: Table 1
- Fiscal terms: Table 2
- Fiscal terms: Table 3
- Fiscal terms: Table 4
- Fiscal terms: Table 5
- Fiscal terms: Table 6
- Fiscal terms: Table 7
- GEM models
What's included
This report contains:
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