OPEC expects oil production in Azerbaijan at 1.12mn bpd in I quarter of 2011
Azerbaijan, Baku, Feb. 15 /Trend, A.Badalova/
Oil production in Azerbaijan will increase by 40,000 bpd to 1.11 million bpd in 2011. These forecasts are contained in OPEC's February report on oil market. This figure is slightly (10,000 bpd) lower than production volume forecasted by OPEC last month.
As stated in the report of the cartel, lower projections of oil production in the country reflect the data for the fourth quarter of 2010, when oil production was lower than expected.
In 2010, according to OPEC, oil production in the country totaled 1.07 million bpd.
According to OPEC projections, the highest level of oil production in Azerbaijan this year will occur in the first quarter - 1.12 million bpd. The production will be 1.11 million bpd in the second, third and fourth quarters of 2011.
According to BP, the proven oil reserves of Azerbaijan as of the beginning of 2010 amounted to 7 billion barrels. Oil production in the country in 2009 totaled 1.033 million bpd, 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 field. This area produces Azeri Light oil with a sulfur content of 0.15% (35 degrees on API).
Participants to the project to develop Azeri-Chirag-Guneshli are BP (operator - 37.43 percent), Chevron (11.27 percent), SOCAR (10 percent), INPEX (10.96 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itochu (4.3 percent), Hess (2.72 percent).