Baku, Azerbaijan, March 11
By Aygun Badalova - Trend:
Azerbaijan's oil production will be stable at the level of 0.87 million barrels per day (bpd) in 2015 and 2016, according to the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook.
The highest level of the country's oil production in 2015, according to EIA's forecasts, will be observed in the third and fourth quarters - at 0.88 million bpd. In the first quarter the production will amount to 0.86 million bpd, in the second quarter - to 0.87 million bpd.
For the next year EIA forecasts Azerbaijan's oil production at 0.88 million bpd in the first and second quarters, and at 0.87 million bpd in the third and fourth quarters.
In 2014, Azerbaijan's oil production amounted to 0.86 million bpd, according to the EIA's estimates.
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).
Aygun Badalova is Trend Agency's staff journalist, follow her on Twitter:@AygunBadalova