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Goldman Sachs reveals Azerbaijan’s oil production forecasts

Oil&Gas Materials 14 January 2016 18:08 (UTC +04:00)

Baku, Azerbaijan, Jan. 14

By Aygun Badalova - Trend:

Azerbaijan's oil production will amount to 806,000 barrels per day in 2016 compared to 837,000 barrels per day in 2015, according to the Goldman Sachs' report, obtained by Trend.

In 2017 analysts expects the country's production to decrease by 35,000 barrels to 771,000 barrels per day.

In the first quarter of 2016, Azerbaijan's oil production is expected at 845,000 barrels per day, in the second and third quarters - at 810,000 barrels, in the fourth quarter quarter - at 760,000 barrels per day.

The main oil output in Azerbaijan comes from Azeri-Chirag-Guneshli field. This offshore block produces Azeri Light oil with 0.15 percent sulfur and 35 degrees API.

The contract for the Azeri-Chirag-Guneshli development, with proven reserve of nearly 1 billion tons of oil, was signed in 1994. Shares in the contract are as follow: BP (operator) - 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, Itochu - 4.3 percent and ONGC - 2.72 percent.

Azerbaijan's proved oil reserves amounted to 7 billion barrels at the end of 2014, according to BP's Statistical Review.

BP and its partners produced 16 million tons during the first half of 2015 on ACG block, which is the same as in the first half of 2014.

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