EIA expects Azerbaijan’s oil production growth at 70,000 bpd in 2012

Oil&Gas Materials 11 January 2012 10:45 (UTC +04:00)

Azerbaijan, Baku, Jan. 11 / Trend A.Badalova/

Oil production in Azerbaijan will increase by 70,000 barrels per day (bpd) to 1.07 million bpd in 2012 compared to one million bpd in 2011, a monthly report of the U.S. Energy Information Administration (EIA) says.

These figures are by 80,000 bpd less than the production volume predicted by the EIA last month.

According to the EIA estimates, in the fourth quarter of 2011 Azerbaijan's oil production hit 0.98 mln bpd compared to one mln bpd in the third quarter of 2011.

The highest level of Azerbaijan's oil production in 2012 will be observed in the third quarter - at 1.14 mln bpd, the EIA forecasts. In the first quarter, Azerbaijan will produce 1.03 mln bpd, in the second - 1.01 mln bpd, while in the fourth quarter - 1.12 mln bpd.

The EIA predicts Azerbaijan's oil production to decrease by 10,000 bpd to 1.06 mln bpd in 2013.

In the first quarter of 2013, Azerbaijan's oil production will amount to 1.09 mln bpd, in the second - 1.07 mln bpd, in the third - 1.05 mln bpd, while in the fourth quarter - 1.04 mln bpd.

According to the 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)