Transparency initiative annual report

3. EITI REQUIREMENT 3

3.1. Overview of the Mining Industry

Oil and gas industry

In Azerbaijan Republic, the major oil fields are located in the Caspian Sea shelf and the Apsheron peninsula. The main oil reserves have been discovered in the south of Apsheron waters. In the north part of Apsheron peninsula–Siyazan and south and south-west part of Apsheron–Gobustan, Shirvan and Salyan oil reserves are the main prospective resources. Naphtalan fields located near Ganja have unique renewable oil fields. There is a presence of significant amounts of gas extracted along with the oil.

Figure 5: The map of oil and gas fields ⁵⁴

The amounts of oil and gas reserves of Azerbaijan as approved for the year end of 2015 are reflected in the following table:
Table 6: Oil and natural gas reserves

Oil reserves, million barrels ^55	7,000
Natural gas reserves, billion m^3^56	1,291

The companies working on extraction of oil and gas reserves in Azerbaijan signed 31 PSAs (17 offshore and 14 onshore). Out of 31 PSA agreements on oil and gas resources, only 17 were active during 2015:

Table 7: Offshore