Baku, Azerbaijan, Jan. 8
By Aygun Badalova - Trend:
Azerbaijan's oil production will decrease by 50,000 barrels per day (bpd) to 0.8 million barrels per day (mbd) in 2015, according to the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook.
EIA expects the highest level of Azerbaijan's oil production next year in the first quarter - at 0.83 mbd. In the second quarter the production will amount to 0.81 mbd, in the third quarter - 0.79 mbd, in the fourth quarter - 0.78 mbd.
In 2014 EIA predicts Azerbaijan's oil production at 0.85 mbd, which is 30,000 bpd less than in 2013.
The highest level of the country's oil production this year, according to the EIA's forecasts, will be observed in the first quarter - at 0.88 million bpd, unchanged from the fourth quarter of 2013. 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.
Azerbaijan's proven oil reserves amounted to 7 billion barrels as of early 2013, according to BP. Oil production in the country amounted to 0.872 mbd 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).