EIA: Oil production in Azerbaijan to slightly decrease in 2011
Azerbaijan, Baku, Nov. 10 /Trend, A.Badalova/
Oil production in Azerbaijan will decrease by 30,000 bpd to 1.01 mln bpd in 2011 compared to 1.04 mln bpd in 2010, according to a monthly report of the U.S. Energy Information Administration (EIA).
According to the EIA forecasts, in the fourth quarter of 2011 oil production in Azerbaijan will amount 1.09 mln bpd compared to 1.14 mln bpd in the third quarter.
EIA predicts oil production in Azerbaijan will increase by 140,000 bpd to 1.15 mln bpd in 2012.
According to EIA expectations, next year the highest level of production in the country, will be observed in the first and second quarters at 1.19 million barrels per day, while the lowest level will more probably be recorded in the fourth quarter at 1.09 million barrels per day. Production is projected at 1.14 million barrels per day in the third quarter of 2012.
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.
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 - 35.83 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 (2.7 percent), AzACG (11.6 percent)