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OPEC forecasts oil production growth in Azerbaijan in 2011

Oil&Gas Materials 13 December 2010 19:21 (UTC +04:00)

Azerbaijan, Baku, Dec. 13 / Trend A. Badalova /

OPEC forecasts an increase in oil production in Azerbaijan by 0.09 million bpd up to 1.18 million barrels per day in 2011.

According to the OPEC's monthly report on the oil market, the highest level of oil production in the country next year will be observed in the first quarter - 1.19 million barrels per day. According to the OPEC, oil production in Azerbaijan would amount to 1.18 million barrels per day in the second, third and fourth quarters of 2011.

As of 2010 OPEC forecasts an increase in oil production in Azerbaijan by 0.04 million bpd up to 1.1 million barrels per day.

According to the OPEC's report, oil production in Azerbaijan will increase by 0.08 million bpd up to 1.18 million barrels per day in the fourth quarter of this year compared to the third quarter.

According to BP, the proven oil reserves of Azerbaijan as of early 2010 amounted to 7 billion barrels. According to BP, oil production in the country in 2009 amounted to 1.033 million barrels per day, or 13.5 percent more than the volume in 2008.

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

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