Baku, Azerbaijan, Jan.18
By Leman Zeynalova – Trend:
Azerbaijan’s oil supply was revised down by 10,000 barrels per day to average 0.86 million barrels per day, indicating stagnant output in 2016, OPEC said in its January 2017 Oil Market Report.
However, production in the second half of 2016 was lower by 30,000 barrels per day than the 0.84 million barrels per day produced in the first half of 2016, according to the report.
The cartel said that Azerbaijan’s crude oil output in October and November increased by 50,000 barrels per day each month after the return of the Guneshli platform from maintenance to average 0.76 million barrels per day.
Hence, total oil production (crude plus natural gas liquids) in the country was pegged at 0.84 million barrels per day for these two months, said the report.
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.
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