Baku, Azerbaijan, Sept. 11
By Aygun Badalova -Trend:
Azerbaijan's oil production will keep stable at 0.9 million barrels per day in 2014 and 2015, according to OPEC September oil market report.
"Stable production is credited for the good performance seen at the ACG field complex, particularly at the Chirag project," the report said.
The production is forecasted to reach 0.88 million barrels per day in the third quarter and 0.87 million barrels per day in the fourth quarter of the year.
Azerbaijan's oil production level will amount to 0.9 million barrels per day in the first, second and fourth quarters of 2015 and 0.8 million barrels per day in the third quarter of the next year.
Azerbaijan's proven oil reserves amounted to 7 billion barrels as of early 2014, according to BP. Oil production in the country amounted to 0.931 mbd in 2013.
The main volume of oil produced in Azerbaijan falls on Azeri-Chirag-Guneshli offshore fields block. This block produces Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API).
Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.6 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and ONGC Videsh (2.72 percent).