EIA expects Azerbaijan’s oil production at 0.92 mln bpd in first quarter of 2013
Azerbaijan, Baku, Feb. 13 / Trend A.Badalova/
Azerbaijan's oil production will amount to 0.92 million barrels per day (bpd) in the first quarter of 2013 compared to 0.95 million bpd in the fourth quarter of 2012, a monthly report of the U.S. Energy Information Administration (EIA) said.
As of 2013 EIA kept forecasts on Azerbaijan's oil production unchanged - at 0.9 million bpd compared to 0.94 million bpd in 2012.
In the second quarter of 2013, according to the EIA's forecasts, the country's oil production will amount to 0.91 million bpd, in the third quarter - to 0.86 million bpd, in the fourth quarter - to 0.89 million bpd.
In 2014 EIA predicts Azerbaijan's oil production at 0.85 million bpd.
According to the EIA's forecasts, the highest level of the country's production in 2014 will be observed in the first quarter - at 0.88 million bpd. In the second quarter, production will amount to 0.86 million bpd, in the third - to 0.84 million bpd, in the fourth quarter - to 0.83 million bpd.
According to the BP, Azerbaijan's proven oil reserves amounted to 7 billion barrels in early 2012. Oil production in the country amounted to 0.931 million bpd in 2011.
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).