Baku, Azerbaijan, Feb.13
By Leman Zeynalova – Trend:
Oil production in Azerbaijan is expected to contract by 40,000 barrels per day to average 0.81 million barrels per day in 2017, OPEC said in its February Oil Market Report.
“Azerbaijan’s crude oil output in December 2016 increased by 90,000 barrels per day month-over-month,” said the report. “However, production in 2H16 was lower by 30,000 barrels per day than the 0.86 million barrels per day produced in 1H16.”
In early February, Azerbaijan presented data on daily oil output in January 2017 to OPEC within the implementation of the Vienna oil output deal.
According to the data, daily oil output was 793,900 barrels in Azerbaijan in January, 50,800 barrels of which accounted for condensate, said the country’s Energy Ministry.
The main oil output in Azerbaijan currently comes from the Azeri-Chirag-Guneshli field. The contract for the Azeri-Chirag-Guneshli’s development, with proven reserve of nearly 1 billion tons of oil, was signed in 1994.
Azerbaijan's proven oil reserves amounted to 7 billion barrels at the end of 2015, according to BP's Statistical Review.
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