OPEC forecasts oil production in Azerbaijan to increase by 50,000 bpd in 2012
Azerbaijan, Baku, Oct.11 / Trend A.Badalova /
Azerbaijan's oil production will increase by 0.05 million bpd to 1.07 million barrels per day in 2012, according to OPEC's October report on the oil market.
Last month OPEC forecasted oil production in Azerbaijan at 1.11 million bpd in 2012.
The largest volume of production next year will be recorded in the first quarter - 1.1 million bpd. Oil production will be 1.06 million bpd in the second and third quarters, 1.08 million bpd in the fourth quarter.
According to OPEC forecasts, in 2011, oil production in Azerbaijan will amount 1.02 million bpd as compared to 1.07 million bpd in 2010.
In the fourth quarter of 2011 OPEC predicts oil production in Azerbaijan at 1.07 million bpd as compared to 1.01 million bpd in the third quarter of this year.
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).