FSU oil supplies to slightly increase - analysts
Baku, Azerbaijan, Oct. 6
By Aygun Badalova - Trend:
Oil supplies of the Former Soviet Union (FSU) countries will slightly increase to 14 million barrels per day in 2015 compared to 13.8 million barrels per day in 2014, according to the forecasts of the US JP Morgan bank.
Russian output remains close to its post-Soviet era highs, with 10.7 million barrels per day of crude and condensate plus 0.3 million barrels per day of NGL output, according to the analysts' report obtained by Trend.
However, analysts have marked down Azerbaijan supply forecasts as declines appear to be more aggressive than previously assumed.
Next year's liquids output marked down to 0.85 million barrels per day, 50,000 barrels per day lower than last month.
Total FSU countries' oil supply is expected at 13.9 million barrels per day in 2016.
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 development of ACG field was signed in 1994.
The proved oil reserves at these fields are estimated at approximately 1 billion metric tons.
The shareholders of the project are: BP (operator in the 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, Itocu - 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.