Forecasts for oil production at largest Azerbaijani oil field made public

Baku, Azerbaijan, Apr. 7

By Maksim Tsurkov - Trend:

The volume of oil production at the block of fields Azeri-Chirag-Guneshli in the Azerbaijani sector of the Caspian Sea will amount to 29.8 million metric tons (about 221 million barrels) in 2015, according to forecasts, a source on the oil and gas market of Azerbaijan told Trend Apr.7.

"The average daily production volumes at the block will be about 605,000 barrels, according to forecasts," the source said. "At the same time, the most part of production will account for the field Central Azeri, where the average daily production is expected to reach 150,000 barrels."

In 2014, British BP and partners extracted 31.5 million metric tons of oil (233 million barrels) against 32.2 million metric tons of oil (239 million barrels), extracted in 2013 on a block of Azerbaijani oil and gas fields Azeri-Chirag-Guneshli. The average daily production at the field Central Azeri amounted to 156,500 barrels of oil.

The contract for the development of Azeri-Chirag-Guneshli large offshore field in the Azerbaijani sector of the Caspian Sea, with proven oil reserve of nearly 1 billion metric tons, was signed in 1994.

Shares in the contract for development of Azeri-Chirag-Guneshli block of fields are distributed as follows: BP (operator in 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, Itochu - 4.3 percent and ONGC - 2.72 percent.

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Follow the author on Twitter: @MaksimTsurkov

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