EIA keeps Azerbaijan’s oil production forecasts unchanged

Oil&Gas Materials 13 February 2014 12:15

Baku, Azerbaijan, Feb. 13

By Aygun Badalova - Trend:

Azerbaijan's oil production will decrease by 30,000 barrels per day (bpd) to 0.85 million bpd in 2014 and by 50,000 bpd to 0.8 million bpd in 2015, according to the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook. These figures remained unchanged from the EIA's last month outlook.

EIA expects Azerbaijan to produce 0.88 million bpd in the first quarter of this year. In the second quarter the production will amount to 0.86 million bpd, in the third quarter - 0.84 million bbd, in the fourth quarter - 0.83 million bbd, according to the EIA's forecasts.

The highest level of the country's oil production in 2015, according to the forecasts, will be observed in the first quarter - at 0.83 million bpd. In the second quarter the production will amount to 0.81 million bpd, in the third quarter - to 0.79 million bpd, in the fourth quarter - to 0.78 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).