Baku, Azerbaijan, April 11
By Aygun Badalova -Trend:
Azerbaijan's oil production will amount to 0.87 million barrels per day (bpd) on average in 2014.
The production forecasts to reach 0.89 million bpd in the fourth quarter, as the highest production level of the year, according to OPEC April oil market report.
OPEC estimates that the country's oil production in the first quarter of 2014 was steady at 0.83 million bpd.
In the second quarter, Azerbaijan's oil production is predicted at 0.86 million bpd, in the third quarter - at 0.88 million bpd, in the fourth quarter - at 0.89 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 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).