Baku, Azerbaijan, Dec.10
By Aygun Badalova -Trend:
Azerbaijan's oil output will average 0.86 million barrels per day (bpd) in 2014, OPEC's December oil market report said.
The figure indicates a decline of 10,000 bpd from 2013 and a downward revision of 10,000 bpd from OPEC previous month's report.
The report said the revision was due to lower production in September, which was down by 10,000 bpd, and it continued into October, said the report.
During the first three quarters of 2014, Azerbaijan's supply decreased by 20,000 bpd from the same period in 2013.
On a quarterly basis in 2014, Azerbaijan's oil supply is estimated to average 0.85 million bpd, 0.87 million bpd, 0.86 million bpd and 0.85 million bpd respectively.
In 2015 OPEC forecasts Azerbaijan's average oil output at 0.8 million bpd with the highest production level of 0.9 million bpd in the first quarter.
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).
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Aygun Badalova is Trend Agency's staff journalist, follow her on Twitter: @AygunBadalova