OPEC announces forecasts for oil production in Azerbaijan

Economy Materials 10 June 2015 17:30 (UTC +04:00)

Baku, Azerbaijan, June 10

By Maksim Tsurkov - Trend:

The Organization of the Petroleum Exporting Countries (OPEC) has not changed its outlook on oil production in Azerbaijan in 2015.

As it was planned, in 2015 oil production in Azerbaijan will decrease by 30,000 barrels per day and reach 0.82 million barrels per day, OPEC's monthly report on the oil market said June 10.

In April, oil production in Azerbaijan amounted to 0.86 million barrels per day, having decreased by 20,000 barrels per day compared to 2014, according to the report.

Oil production at the Azeri-Chirag-Guneshli (ACG) block of fields in the first quarter of 2015 was 0.66 million barrels per day. BP has stopped the Western Azeri platform in May on a three-week maintenance prevention, the performance of which was at the level of 0.15 million barrels per day. Thus, OPEC expects the level of production in June will fall by about 50 million barrels per day.

In the first quarter of 2015, oil production in Azerbaijan amounted to 0.85 million barrels per day, according to OPEC.

In the second quarter, the cartel expects oil production in the country at 0.87 million barrels per day, in the third quarter - 0.86 million barrels per day, in the fourth quarter - at the level of 0.79 million barrels per day.

The main volume of oil produced in Azerbaijan falls on the Azeri-Chirag-Guneshli block of offshore fields. Light Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API) is produced at this area.

The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.

In the first quarter of 2015, British BP and partners have produced 8 million metric tons (59 million barrels) of oil on the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields, which is similar to the rate in January-March 2014.

Edited by CN


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