Oil production in Azerbaijan to up considerably in mid-term perspective: OPEC
Azerbaijan, Baku, Sept. 8 / Trend , A.Badalova/
OPEC expects significant growth in oil production in Azerbaijan and Kazakhstan in the medium term.
The OPEC report says that Azerbaijani oil supplies will up by 0.1 million barrels per day, and be 1.2 million in 2011; this level will not change by 2013.
OPEC predicts taht Azerbaijani oil supplies will amount to 1.1 million barrels per day in 2009 and 2010.
Despite the overall change in forecasts towards a decrease, in the medium term three large oil-producing countries, Russia, Azerbaijan and Kazakhstan, will increase their oil supplies in comparison with non-OPEC countries, the report said.
The volume of Kazakhstan's oil supply, projected by the cartel, will be 1.6 million barrels per day in 2010, 1.7 million barrels in 2011 and 1.8 million barrels in 2012 and 2013
The OPEC report says that the deepwater Azeri-Chirag-Guneshli project will contribute to increasing oil production in Azerbaijan. Over the next decades, growth will be provided by the shallow deposits at the Guneshli and Shah-Deniz fields.
The PSA contract on the Azeri-Chirag-Guneshli field was signed in 1994 and the total investment is estimated at $20 billion. BP is a large foreign operator on the development of the offshore oil and gas fields in Azerbaijan. The company operates the project to develop the Azeri-Chirag-Guneshli fields, where Azeri Light oil is produced and exported via the Baku-Tbilisi-Ceyhan, Baku-Supsa and the Azerbaijani-Georgian railway to the Black Sea port pf Supsa.