Baku, Azerbaijan, Dec.7
By Leman Zeynalova – Trend:
The oil output in Azerbaijan will stand at 0.86 million barrels per day in 2016 and 0.83 million barrels per day in 2017, the US Energy Information Administration said in its December Short-Term Energy Outlook (STEO).
The forecasts of EIA in this report haven’t changed as compared to the November Short-Term Energy Outlook.
This is while the country’s oil output stood at 0.86 million barrels per day as of 2015, according to the report.
The daily oil output in Azerbaijan was 0.87 million barrels in Q1 and Q2 of 2016 each and 0.85 million barrels in Q3 and it is expected at 0.85 million barrels in 4Q2016, the EIA believes.
According to EIA, the 2017 oil production in Azerbaijan will reach the highest level in Q1 - 0.84 million barrels per day, while it is expected to drop to 0.83 million barrels per day in Q2, 0.82 million barrels per day in Q3 and 0.81 million barrels per day in Q4.
Azeri-Chirag-Gunashli block of offshore fields gives the major part of oil produced in Azerbaijan. Azerbaijani Light oil is produced at that block.
Azerbaijan’s proven oil reserves stood at 7 billion barrels as of early 2015, according to BP.
The country produced 41.69 million tons of oil and gas condensate in 2015, or 0.8 percent less than in 2014, according to the State Statistical Committee of Azerbaijan.