EIA: Azerbaijan’s oil production to stand at 0.88 mln bpd in 2013

Oil&Gas Materials 11 September 2013 18:01 (UTC +04:00)

Azerbaijan, Baku, Sept. 11 / Trend A.Badalova /

Azerbaijan's oil production will amount to 0.88 million barrels per day (bpd) in 2013, which is 50,000 bpd less than in 2012, the U.S. Energy Information Administration (EIA) predicts in its Short-Term Energy Outlook.

According to the EIA's forecasts, Azerbaijan's oil production will amount to 0.86 million bpd in the third quarter and 0.88 million bpd in the fourth quarter of 2013 compared to 0.9 million bpd in the first and 0.89 million bpd in the second quarter of the year.

In 2014 EIA predicts Azerbaijan's oil production to decrease by 30,000 bpd to 0.85 million bpd.

The highest level of the country's oil production next year, according to the EIA's forecasts, will be observed in the first quarter - at 0.88 million bpd. In the second quarter of 2014 the production will amount to 0.86 million bpd, in the third quarter - to 0.84 million bpd, in the fourth quarter - to 0.83 million bpd.

According to BP, Azerbaijan's proven oil reserves amounted to 7 billion barrels as of early 2013. Oil production in the country amounted to 0.872 million bpd in 2012.

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 ONGC Videsh (2.72 percent).