OPEC expects oil production in Azerbaijan at 1.06 mln bpd in 2011

Oil&Gas Materials 19 September 2011 17:56

Azerbaijan , Baku, Sept.19 / Trend, A.Badalova /

Azerbaijan 's oil production will amount to 1.06 million barrels per day in 2011 as compared to 1.07 million bpd in 2010, according to OPEC's September report on the oil market.

Last month OPEC forecasted oil production in Azerbaijan at 1.07 million bpd in 2011.

According to OPEC forecasts, in the fourth quarter of 2011, oil production in Azerbaijan will increase to 1.12 million bpd as compared to 1.1 million bpd in the third quarter.

OPEC left unchanged the forecasts of oil production in Azerbaijan in 2012. OPEC expects the oil production in the country to increase by 50,000 bpd to 1.11 million bpd next year.

The largest volume of production next year will be recorded in the first quarter - 1.13 million bpd. Oil production will be 1.1 million bpd in the second quarter, 1.09 million bpd in the third quarter and 1.12 million bpd in the fourth quarter.

According to BP, the proven oil reserves of Azerbaijan amounted to 7 billion barrels as of early 2011. Oil production in the country amounted to 1.037 million bpd in 2010.

The main volume of oil produced in Azerbaijan falls to the offshore field Azeri-Chirag-Guneshli. This area produces Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API).

Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.6 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and Hess (2.72 percent).