OPEC expects Azerbaijan’s oil production at 0.82 mbpd in 2015

Oil&Gas Materials 13 May 2015 11:22 (UTC +04:00)

Baku, Azerbaijan, May 13

By Aygun Badalova - Trend:

Azerbaijan's oil production will decline by 30,000 barrels per day (bpd) to 0.82 million bpd in 2015, according to OPEC's May oil market report.

March output was broadly flat month over month at 0.85 million bpd, unchanged year over year, according to the report.

On a quarterly basis, Azerbaijan's oil output is estimated by OPEC to average 0.85 million bpd, 0.87 milion bpd, 0.86 million bpd and 0.79 million bpd, respectively.

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).

Over 8.32 million metric tons of oil was produced in Azerbaijan in 2014 compared to 8.31 million metric tons in 2013, according to Azerbaijan's State Oil Company (SOCAR).
Some 6.96 million metric tons of oil was produced in Azerbaijan in Jan.-Feb. 2015 or by 4.1 percent (3.93 million metric tons) less than in the same period of 2014.

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