OPEC expects Azerbaijani oil production at 0.94 mln bpd in 2012

Oil&Gas Materials 12 October 2012 18:09 (UTC +04:00)

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

Azerbaijan's oil production will decrease by 20,000 barrels per day (bpd) to 0.94 million bpd in 2012, OPEC's October oil market report said. This represents a downward revision of 20,000 bpd from the previous report.

According to OPEC forecasts, the country's oil production will amount to 0.91 million bpd in the third quarter and 0.96 million bpd in the fourth quarter of 2012.

OPEC expects Azerbaijan's oil production to amount to 0.93 million bpd in 2013.

According to OPEC's forecasts, the highest level of Azerbaijan's oil production in 2013 will be observed in the first quarter - at 0.95 million bpd.

In the second and third quarters of the year production will amount to 0.92 million bpd, in the fourth quarter - to 0.94 million bpd.

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).