BP confirms Azerbaijan’s amount of proven oil reserves
Azerbaijan, Baku, 12 June / Trend, E. Ismailov /
Azerbaijan's oil production in 2012 stood at 872,000 barrels a day, which is 5.2 percent less than production in 2011, according to the annual BP Statistical Review of World Energy published on the company's official website.
Azerbaijan's share in global oil production last year totaled 1.1 percent.
According to BP estimates, oil consumption in the country increased by 5.4 percent to 93,000 per day in 2012.
BP has upheld its estimates of proven oil reserves in Azerbaijan at seven billion barrels, which is 0.4 percent of the world's proven oil reserves.
The most oil production takes place at the Azeri-Chirag-Guneshli fields.
The contract to develop the Azeri-Chirag-Guneshli fields was signed in 1994.
Equity participation in the contract to develop ACG is distributed as follows: BP (operator) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - eight percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.