EIA: Azerbaijan's oil production to up by 20,000 bpd in 2012

Oil&Gas Materials 13 July 2011 14:34 (UTC +04:00)

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

Azerbaijan's oil production will increase by 0.02 million bpd to 1.15 million bpd in 2012, the U.S. State Energy Information Administration (EIA) said in its monthly report on the short-term energy market outlook. This figure is 30,000 bpd less than the figure forecast last moth.

The country's oil production is 30,000 barrels per day less than forecasted by EIA.

According to EIA, the highest level of production in the country next year will be observed in the first and second quarters - 1.19 million bpd, the lowest level - in the fourth quarter - 1.09 million barrels per day. The production volume is projected at 1.14 million barrels per day in the third quarter of next year.

In 2011, the EIA expects oil production in Azerbaijan at 1.13 million barrels per day, or 0.09 million more than in 2010. The oil production in the country is forecasted at 1.18 million bpd in the third quarter, 1.17 million barrels per day in the fourth quarter.

Based on the EIA report, total oil production in the former Soviet countries will hit 13.39 million barrels per day in 2011 and 13.43 million barrels per day in 2012.

The main volume of Azerbaijan's oil production accounts for the Azeri-Chirag-Guneshli fields. Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API) is produced here.

ACG participating interests are: BP (operator - 37. 4 percent), Chevron (11.3 percent), SOCAR (10 percent), INPEX (11 percent), Statoil (8.6 percent), ExxonMobil (8 percent), TPAO (6.7 percent), ITOCHU (4.3 percent), Hess (2.7 percent).

According to BP, Azerbaijan's proven oil reserves amounted to 7 billion barrels in early 2011. Oil production in the country amounted to 1.037 million bpd in 2010, or 0.5 percent more than the figure in 2009.