EIA reveals forecasts for Azerbaijan’s oil output in 2017, 2018
The petroleum and other liquids output in Azerbaijan will decrease to 0.83 million barrels per day in 2017 and 0.82 million barrels per day in 2018, the US Energy Information Administration (EIA) said in its December Short-Term Energy Outlook (STEO).
This is while the country’s output stood at 0.87 million barrels per day as of 2016, according to the report. In 2015 Azerbaijan produced 0.86 million barrels per day of petroleum and other liquids, according to the EIA.
In 2016 the daily petroleum and other liquids output in Azerbaijan was 0.87 million barrels in 1Q, 2Q and 3Q each and 0.85 million barrels in 4Q, the EIA said.
According to the EIA, in 2017 oil production in Azerbaijan will reach the highest level in 1Q - 0.84 million barrels per day, while it is expected to drop to 0.83 million barrels per day in 2Q, 0.82 million barrels per day in 3Q and 0.81 million barrels per day in 4Q.
The EIA forecasts that in 2018 petroleum and other liquids production in Azerbaijan will reach 0.82 million barrels per day in 1Q, 2Q and 4Q and 0.83 in 3Q.
Azeri-Chirag-Gunashli block of offshore fields gives the major part of oil produced in Azerbaijan. Azerbaijani Light oil is produced at that block.
Azerbaijan’s proven oil reserves stood at 7 billion barrels as of early 2015, according to BP.