Baku, Azerbaijan, June 7
By Leman Zeynalova – Trend:
Azerbaijan is expected to produce 0.78 million barrels of petroleum and other liquids in 2017, the US Energy Information Administration (EIA) said in its June Short-term Energy Outlook (STEO).
This is while in its May STEO, EIA expected this figure to stand at 0.77 million barrels per day.
However, the EIA hasn’t changed its forecasts for production of petroleum and other liquids in Azerbaijan for 2018, standing at 0.75 million barrels per day.
The volume of production of petroleum and other liquids in the country is expected to stand at 0.80 million barrels per day in Q2, 0.77 million barrels per day in Q3 and 0.76 million barrels per day in Q4.
The quarterly production in Azerbaijan for 2018 is forecasted as follows: 0.77 million barrels per day in Q1, 0.76 million barrels in Q2, 0.74 million barrels in Q3 and 0.72 million barrels in Q4.
The Azeri-Chirag-Gunashli block of offshore fields is giving the major part of the oil produced in Azerbaijan. The Azerbaijani Light oil is produced at that block.
Azerbaijan’s proven oil reserves stood at 7 billion barrels as of early 2016, according to BP.
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