EIA reveals forecasts for Azerbaijan’s oil production
Baku, Azerbaijan, Feb. 11
By Aygun Badalova - Trend:
Azerbaijan's oil production will decrease by 90,000 barrels per day (bpd) to 0.76 million bpd in 2015 compared to 0.85 million bpd in 2014, according to the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook.
The highest level of the country's oil production in 2015, according to EIA's forecasts, will be observed in the first quarter - at 0.78 million bpd. In the second quarter the production will amount to 0.77 million bpd, in the third quarter - to 0.75 million bpd, in the fourth quarter - to 0.74 million bpd.
The highest oil production in Azerbaijan in 2014 was observed in the third quarter - at 0.87 million bpd, according to the EIA's estimates.
In 2016, EIA forecasts Azerbaijan's oil production to be stable at 0.73 million barrels per day during all four quarters.
Azerbaijan's proven oil reserves amounted to 7 billion barrels as of early 2014, according to BP. Oil production in the country amounted to 0.931 mbd in 2013.
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).
Aygun Badalova is Trend Agency's staff journalist, follow her on Twitter:@AygunBadalova