EIA: Azerbaijan’s oil production to slightly rise
Baku, Azerbaijan, Sept. 11
By Aygun Badalova - Trend:
Azerbaijan's oil production will slightly rise in the second half of 2015 reaching 0.88 million barrels a day in the third and fourth quarters of the year, according to the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook.
The country's oil production stood at 0.86 million barrels a day in the first quarter and 0.87 million barrels a day in the second quarter of this year, according to the EIA's forecasts.
Average volume of Azerbaijan's oil production is predicted by the EIA at 0.87 million barrels a day. For the next year EIA forecasts Azerbaijan's oil production to be at the same level.
The highest level of the country's oil production in 2016, according to the EIA's forecasts, will be observed in the first and second quarters - at 0.88 million barrels a day. In the third and fourth quarters the production will amount to 0.87 million barrels a day.
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).
The contract for the development of Azeri-Chirag-Guneshli large offshore field in the Azerbaijani sector of the Caspian Sea, with proven oil reserve of nearly 1 billion metric tons, was signed in 1994.
Shares in the contract for development of Azeri-Chirag-Guneshli block of fields are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.
BP and its partners produced 16 million metric tons (116 million barrels) during the first half of 2015 on ACG block, which is the same as in the first half of 2014, said the report on the results of BP's operations in Azerbaijan for January-June of 2015.
The report said that average daily oil production in the ACG for the period amounted to 641,000 barrels.
In 2014, British BP and partners extracted 31.5 million metric tons of oil (233 million barrels) against 32.2 million metric tons of oil (239 million barrels), extracted in 2013 on a block of Azerbaijani oil and gas fields Azeri-Chirag-Guneshli.