Baku, Azerbaijan, Nov.11
By Leman Zeynalova – Trend:
Azerbaijan’s oil supply is anticipated to average 0.87 million barrels per day, indicating minor growth of 10,000 barrels per day in 2016, OPEC said in its monthly oil market report released Nov.11.
OPEC said that according to the Joint Organizations Data Initiative (JODI), the country’s crude oil output in August was 40,000 barrels per day less than in July to average 0.77 million barrels per day.
Azerbaijan’s oil production is expected to stand at 0.9 million barrels per day in the first quarter of 2017 and 0.8 million barrels per day in the second, third and fourth quarters of 2017 each, according to OPEC.
The main oil output in Azerbaijan currently comes from the Azeri-Chirag-Guneshli field. The contract for the Azeri-Chirag-Guneshli’s development, with proven reserve of nearly 1 billion tons of oil, was signed in 1994.
Azerbaijan's proven oil reserves amounted to 7 billion barrels at the end of 2015, according to BP's Statistical Review.
Azerbaijan produced 41.69 million tons of oil and gas condensate in 2015, or 0.8 percent less than in 2014, according to Azerbaijan’s State Statistics Committee.
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