Azerbaijan, Baku, September 18 /Trend, A.Badalova/
Azerbaijan's oil production will decrease by 40,000 barrels per day (bpd) to 0.86 million bpd in 2013, OPEC's latest oil market report said. This represents a downward revision of 15,000 bpd from the previous report.
According to OPEC's forecasts, in the fourth quarter of 2013 Azerbaijan's oil production will amount to 0.85 million bpd, unchanged from the third quarter of the year.
In 2014 OPEC predicts Azerbaijan's oil production to increase by 10,000 bpd to 0.88 million bpd.
OPEC expects the highest level of Azerbaijan's oil production in 2014 in the fourth quarter - at 0.9 million bpd. In the first and third quarters of the next year, according to the forecasts, the country's oil production will amount to 0.87 million bpd, in the second quarter - to 0.86 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 the 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).