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U.S. predicts increase in oil production in Azerbaijan next year

Oil&Gas Materials 8 December 2010 20:05 (UTC +04:00)

Azerbaijan, Baku, Dec. 4 /Trend, A.Badalova/

U.S. Energy Information Administration (EIA) predicts an increase in oil production in Azerbaijan by 0.15 million bpd to 1.21 million bpd in 2011.

According to the EIA monthly short-term energy outlook, the highest level of oil production in the country next year will be observed during the second quarter - 1.23 million bpd. In the first quarter, oil production in Azerbaijan will be 1.22 million bpd, the third quarter - 1.2 million bpd, the fourth - 1.19 million bpd.

This year, oil production in Azerbaijan is forecasted at 1.06 million bpd, which is 0.05 million bpd higher than production in 2009.

According to the EIA projections, the volume of oil production in the former Soviet Union area will be 13.2 million bpd in 2011, of which 1.64 million bpd will account for Kazakhstan, 0.21 million bpd - Turkmenistan. In 2010, oil production in Kazakhstan amounted to 1.6 million bpd, Turkmenistan - 0.21 million bpd.

According to data provided by BP, the proven oil reserves in Azerbaijan as of the beginning of 2010 amounted to 7 billion barrels, Kazakhstan - 39.8 billion barrels, Turkmenistan - 0.6 billion barrels.

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