OPEC: Azerbaijan to increase oil production in 2011

Oil&Gas Materials 22 January 2011 15:00 (UTC +04:00)

Azerbaijan, Baku, Jan. 22 / Trend A.Badalova/

Azerbaijan's oil production will increase by 40,000 barrel per day up to 1.12 million barrels per day in 2010, the OPEC Monthly Outlook on the oil market reads. The figure is less by 65,000 barrel per day than the figure forecasted by OPEC last month.

The cartel said the lower forecasts on the country's oil production for this year partly reflects the data for the fourth quarter of 2010, when there was a weak growth in production at the Azeri-Chirag-Guneshli (ACG) fields.

According to OPEC, in 2010 the country's oil production totaled 1.08 million barrels per day.

The highest level of oil production in Azerbaijan in 2011 will be observed in the first quarter - 1.13 million barrels per day. In the second quarter production will amount to 1.12 million bpd, and the third and fourth quarters - 1.11 million barrels per day.

According to BP, Azerbaijan's proven oil reserves in early 2010 amounted to 7 billion barrels. Gas production was 1.033 million barrels per day in 2009 in Azerbaijan , which is 13.5 percent more than the volume in 2008.

The main volume of oil produced in Azerbaijan accounts for the offshore Azeri-Chirag-Guneshli (ACG) fields. The country produces Azeri Light from the ACG. Its density is 34.6 degrees API with a 0.14-percent sulfur content.

ACG participating interests are: BP (operator - 37.43 percent), Chevron (11.27 percent), SOCAR (10 percent), INPEX (10.96 percent), Statoil (8.56 percent), ExxonMobil (8 percent), TPAO (6.75 percent), ITOCHU (4.30 percent), Hess (2.72 percent).