OPEC: Azerbaijan’s oil production to reach 0.86 mln bpd in last quarter of 2013
Azerbaijan, Baku, June 11 / Trend A.Badalova /
Azerbaijan's oil production will amount to 0.86 million barrels per day (bpd) in the fourth quarter of 2013, according to OPEC's June Oil Market Report published on Tuesday.
In 2013 OPEC predicts Azerbaijan's oil production to decrease by 40,000 bpd to 0.85 million bpd, which is unchanged from the previous month's forecasts.
"Despite the stable situation, there were upward and downward revisions on quarterly basis that offset each other, the report said. First quarter oil supply encountered a downward revision to adjust for updated production data while the rest of the year encountered a minor upward revision."
According to OPEC's forecasts, Azerbaijan's oil production will amount to 0.85 million bpd in the second quarter and to 0.84 million bpd in the third quarter of 2013.
According to BP, Azerbaijan's proven oil reserves amounted to 7 billion barrels as of early 2012. Oil production in the country amounted to 0.931 million bpd in 2011.
The main volume of oil produced in Azerbaijan falls on Azeri-Chirag-Guneshli offshore fields block. This block 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).