OPEC expects Azerbaijan’s oil production at 0.87 mln bpd in 2013

Oil&Gas Materials 16 January 2013 16:57

Azerbaijan, Baku, Jan. 16 / Trend A.Badalova /

Azerbaijan's oil production will decrease by 40,000 barrels per day (bpd) to 0.87 million bpd in 2013, OPEC's January oil market report said.

This figure represents a downward revision of 15,000 bps from the previous forecasts. The revision was partly carried over from updates to the 2012 estimate.

According to OPEC's forecasts, the highest level of Azerbaijan's oil production in 2013 will be observed in the first quarter - at 0.9 million bpd. In the second quarter of the next year production will amount to 0.86 million bpd, in the third quarter - 0.85 million bpd, in the fourth quarter - 0.87 million bpd.

OPEC's estimates show that in 2012 Azerbaijan's oil production amounted to 0.91 million bpd with 0.88 million bpd in the fourth quarter of last 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).