OPEC: Azerbaijan's oil production to rise in medium-term

Oil&Gas Materials 12 November 2011 14:09 (UTC +04:00)

Azerbaijan, Baku, Nov. 12 /Trend, A.Badalova/

Oil production in Azerbaijan will increase in the medium-term perspective from 1.1 mln bpd in 2010 to 1.2 mln bpd in 2015. These forecasts are contained in OPEC's "World Oil Outlook 2011" report.

"In Azerbaijan, expansion will be driven by the continuing ramp-up of the Azeri Chirag Guneshli fields and the additional supply of 180,000 b/d from the Ciraq Oil Project in 2013," the report reads.

OPEC predicts Azerbaijan's oil production at the level of 1.2 mln bpd in the period of 2012-2015.

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)