Baku, Azerbaijan, Oct. 17
By Aygun Badalova - Trend:
Azerbaijan's oil production will amount to 0.84 million barrels per day (bpd) in the fourth quarter of 2014, compared to 0.85 mln bpd in the first and third quarters and 0.86 mln bpd in the second quarter of the year, according to the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook.
The country's oil production will decrease by 40,000 barrels per day (bpd) to 0.81 million bpd in 2015 compared to 0.85 million bpd in 2014, according to the EIA.
The highest level of the country's oil production in 2015, according to EIA's forecasts, will be observed in the first quarter - at 0.83 million bpd. In the second quarter the production will amount to 0.82 million bpd, in the third quarter - to 0.8 million bpd, in the fourth quarter - to 0.78 million bpd.
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).