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OPEC reveals long-term forecasts for Azerbaijani oil and NGL production

Oil&Gas Materials 6 November 2014 18:11 (UTC +04:00)

Baku, Azerbaijan, Nov. 6

By Aygun Badalova - Trend:

Azerbaijan's crude and NGL's production will average 0.9 million barrels per day in 2015, according to OPEC's World Oil Outlook 2014.

In 2020 the country's crude and NGL's production will drop to average 0.8 million barrels per day and will stay at this level in 2025, according to OPEC's predictions.

The country's production will drop further to 0.7 million barrels per day in 2030, 2035 and 2040.

"Azerbaijan's largest hydrocarbon basins (South Caspian and Kura) are located offshore in the Caspian Sea. After a decade of strong growth that lifted total liquids output to 1.07 mb/d in 2010, Azerbaijan has witnessed a strong production decline, OPEC's report said.

Liquids supply fell to 0.95 million barrels per day in 2011 and 0.9 million barrels per day in 2012, according to OPEC estimations.

OPEC expects the country's liquids supply to drop to around 0.87 million barrels per day in 2014, which is explained mainly by the delays and on-going production problems.

Until 2018 OPEC expects stable crude and NGL production in the country at the average 0.9 million barrels per day.

In 2019, according to the OPEC's predictions, the country's production will drop to 0.8 million barrels per day.

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).

The shares in the contract are distributed as follows: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.

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