EIA predicts Azerbaijan’s oil output at 0.88 mbd in fourth quarter of 2013

Oil&Gas Materials 19 November 2013 17:20 (UTC +04:00)

Baku, Azerbaijan, Nov. 19

By Aygun Badalova - Trend:

Azerbaijan's oil production will amount to 0.88 million barrels per day (mbd) in the fourth quarter of 2013 compared to 0.86 mbd in the third quarter of the year, according to the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook.

In 2013 EIA predicts Azerbaijan's oil production at 0.88 mbd, which is 0.05 mbd less than in 2012.

According to the EIA's forecasts, the country's oil production will decrease by 0.03 mbd to 0.85 mbd in 2014.

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).