Baku, Azerbaijan, Sept. 12
By Aygun Badalova -Trend:
Azerbaijan's oil output will average 0.87 million barrels per day (bpd) in 2014 with 0.9 million bpd in Q4, according to OPEC November oil market report.
"Azerbaijan's oil output is seen averaging 0.87 million bpd in 2014, representing a steady level over the previous year," the report said.
Updated production data for early Q3 show that output remained below expectations, necessitating a downward revision in the Q3, according to the report.
In 2015 OPEC predicts Azerbaijan oil production at 0.9 million bpd. In the third quarter of the next year the country's output is predicted at 0.8 million bpd compared to 0.9 million bpd in the remaining quarters.
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).