Azerbaijan, Baku, July 16 / Trend A.Badalova /
OPEC forecasts increase in Azerbaijan's oil production by 0.1 million barrels per day to 1.21 million barrels per day in 2011.
Based on OPEC's monthly oil market report, the main growth of oil production in the next year will be observed in the Azeri-Chirag-Guneshli (ACG). Oil Production on the Azeri field is expected to reach its peak at 640,000 barrels per day. In the first quarter of 2010, production from the field amounted to 570,000 barrels per day.
The cartel forecasted Azerbaijan's oil production at 1.21 million barrels per day in the first, third and fourth quarters of 2011 and 1.2 million barrels a day- in the second quarter.
The country's oil production in 2010 will be 1.11 million barrels per day, which is more by 0.05 million barrels per day than in 2009.
The cartel forecasted Azerbaijan's oil production to amount to 1.14 million barrels a day in the third quarter of 2010 and 1.2 million barrels per day -in the fourth quarter.
According to BP, Azerbaijan's proven oil reserves amounted to 7 billion barrels in early 2010. Oil production in the country, was 1,033 million barrels per day in 2009, which is more by 13.5 percent than in 2008.
Participants of the ACG project are BP (operator - 34.1367 percent of share holding), Chevron (10,2814 percent), SOCAR (10 percent), INPEX (10 percent), Statoil (8,5633 percent), ExxonMobil (8,006 percent), TPAO (6,75 percent), Devon Energy (5,6262 percent), Itochu (3,9205 percent), Delta Hess (2,7213 percent).
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