According to a report by British-American company BP, in 2004 the estimated oil reserves in Azerbaijan comprised 1 billion tons, or 7 billion barrels, or 0.6% of the world estimated oil reserves. Annual oil production in Azerbaijan in 2004 grew 64% as compared to 1994 and made up 318,000 barrels a day.
BP is a big oil and gas operator in the Azerbaijani section of the Caspian and and particularly involved in the development of the Azeri-Cirag-Gunashli field and Shah-Daniz gas condensate.
In compliance with the report, from 1994 to 2004 oil production in Azerbaijan comprised 137.8 million tons of oil. In 1994 average daily oil production in Azerbaijan made up 193,000 barrels (9.6 million tons a year), in 1995 вЂ" 185,000 barrels a day (9.2 million tons a year), in 1996 вЂ" 183,000 barrels (9.1 million tons), in 1997 вЂ" 185,000 barrels (9.2 million tons), in 1998 вЂ" 230,000 barrels. (11.4 million tons), in 1999 вЂ" 278,000 barrels (13.8 million tons), in 2000 вЂ" 281,000 barrels (14 million tons), in 2001 вЂ" 300,000 barrels (14.9 million tons), in 2002 вЂ" 311,000 barrels (15.4 million tons), in 2003 вЂ" 313,000 barrels (15.5 million tons), in 2004 вЂ" 318,000 barrels (15.7 million tons).
The report says that from 1994 to 2004 demand for oil in the country dropped dropped 44%. In 1994 average daily demand for oil in Azerbaijan comprised 163,000 barrels, in 1995 вЂ" 171,000 barrels a day, in 1996 вЂ" 140,000 barrels, in 1997 вЂ" 120,000 barrels, in 1998 вЂ" 151,000 barrels, in 1999 вЂ" 149,000 barrels, in 2000 вЂ" 124,000 barrels, in 2001 вЂ" 74,000 barrels, in 2002 вЂ" 73,000 barrels, in 2003 вЂ" 84,000 barrels, 2004 вЂ" 91,000 barrels.
According to the document, as of end 2004 estimated gas reserves in Azerbaijan comprised 1,37trln cu m, or 0.8% of all world fuel reserve. Touching upon gas production (excluding flared gas), the BP report indicates that from 1994 to 2004 a total of 53.6bn cu m of gas was produced in Azerbaijan. Fuel production in 2004 dropped 23% as compared to 1994 and comprised 4.6bn cu m. Gas production in 1994 made up 6 billion cu m, in 1995 вЂ" 6.2 billion cu m, in 1996 вЂ" 5.9 billion cu m, in 1997 вЂ" 5.6 billion cu m, in 1998 вЂ" 5.2 billion cu m, in 1999 вЂ" 5.6 billion cu m, in 2000 вЂ" 5.3 billion cu m, in 2001 вЂ" 5.2 billion cu m, in 2002 вЂ" 4.8 billion cu m, in 2003 вЂ" 4.8 billion cu m, in 2004 вЂ" 4.6 billion cu m.
