In its anniversary review, BP assessed the development of the world’s energy sector over 20 years
BP has published the 70th Statistical Review of World Energy 2021, which reflects the assessment of reserves, as well as oil and gas production in Azerbaijan over 2000-2020 years.
In anticipation of the global review, BP noted, “primary energy (hydrocarbon) consumption fell 4.5% in 2020, the largest decline since 1945 and was associated with a decline in demand for oil. Wind, solar and hydroelectricity have all increased despite a general drop in global energy demand.
It is noteworthy that due to COVID-19, the United States, India and Russia “contributed the greatest recession in energy consumption in 2020”, and carbon emissions into the atmosphere fell by 6.3%, to the lowest level since 2011.
BP estimates that in 2020 the price of oil (Brent benchmark) averaged $ 41.84 per barrel in 2020, the lowest price since 2004.
Oil consumption fell by a record 9.1 million barrels per day (the lowest level since 2011), while global production fell by 6.6 million barrels per day. Refinery utilization across the world fell to 74.1% (the lowest level since 1985). Natural gas prices fell to multi-year lows: Henry Hub average was $ 1.99 per 1M BTU in 2020 – the lowest level since 1995.
The consumption of natural gas in the world in 2020 decreased by 81 billion cubic meters (2.3%), but the share of gas in energy resources reached a record level of 24.7%.
The leaders in the decline in gas demand were Russia (-33 billion cubic meters), the United States (-17 billion cubic meters) and China (22 billion cubic meters).
Estimates for Azerbaijan
According to a BP survey, the proven gas reserves in Azerbaijan at the end of 2020 were estimated at 2.5 trillion cubic meters (the third largest figure among the CIS countries after Russia and Turkmenistan). In 2000, Azerbaijan’s gas reserves were estimated at 1 trillion cubic meters. Azerbaijan accounts for 1.3% of the total volume of proven world gas reserves.
According to BP, in 2020 gas production in Azerbaijan amounted to 25.8 billion (an increase of 6.2%), consumption – 11.9 billion cubic meters (an increase of 0.8%).
According to company estimates, the countries with the largest gas reserves in the world are Russia (37.4 trillion cubic meters), Iran (32.1 trillion cubic meters), Qatar (24.7 trillion cubic meters), Turkmenistan (13.6 trillion cubic meters) and the United States. (12.6 trillion cubic meters).
As for oil, over 20 years BP has increased the estimate of reserves for “black gold” in Azerbaijan to 7 billion barrels (about 1 billion tons of oil) from 1.2 billion barrels.
According to BP analysis, in 2010, daily oil production in Azerbaijan amounted to 1.037 million barrels, and by the end of 2020, the figure fell to 0.716 million barrels per day.
In 2010, the country produced 51.3 million tons of oil, and in 2020 – 35.1 million tons.
The company noted that in 2020, oil refining in the country did not exceed 118 thousand b/d against 124 thousand b/d in 2010, and over 10 years the refining capacity (capacity) decreased to 120 thousand b/d from 325 thousand b/d …
BP noted that among the CIS countries, Azerbaijan has the lowest level of carbon dioxide emissions.
BP is the operator of the development of key hydrocarbon fields in Azerbaijan and is a strategic partner of the government.
This article originally appeared in TURAN INFORMASIYA AGENTLIYI on 10 July 2021.