OPEC predicts Azerbaijan's oil output at 0.86 mn bpd in 2014
Baku, Azerbaijan, March 12
By Aygun Badalova -Trend:
Azerbaijan's oil output will slightly decrease by 10,000 barrels per day (bpd) to 0.86 million bpd in 2014, according to OPEC March oil market report.
The highest level of the country's oil production in 2014, according to the forecasts, will be observed in the fourth quarter - at 0.89 million bpd. In the first quarter of the year the production will amount to 0.83 million bpd, in the second quarter - to 0.86 million bpd, in the third quarter - to 0.88 million bpd.
In 2013 Azerbaijan's oil production amounted to 0.87 million bpd, according to OPEC estimations.
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 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).