EIA keeps Azerbaijan’s oil output forecasts unchanged
Baku, Azerbaijan, Oct. 7
By Aygun Badalova - Trend:
U.S. Energy Information Administration (EIA) has kept Azerbaijan's oil production forecasts unchanged with the average level of output at 0.87 million barrels per day in 2015 and 2016.
The country's oil production will amount to 0.88 million barrels per day in the fourth quarter of this year, according to the EIA's Short-Term Energy Outlook.
EIA forecasts Azerbaijan's oil production at 0.88 million barrels a day in the first and second quarters ant at 0.87 million barrels a day in the third and fourth quarters of 2016.
The main oil output in Azerbaijan comes from Azeri-Chirag-Guneshli field. This offshore block produces Azeri Light oil with 0.15 percent sulfur and 35 degrees API.
The contract for the Azeri-Chirag-Guneshli development, with proven reserve of nearly 1 billion tons of oil, was signed in 1994. Shares in the contract are as follow: BP (operator) - 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.
Azerbaijan's proved oil reserves amounted to 7 billion barrels at the end of 2014, according to BP's Statistical Review.
BP and its partners produced 16 million tons during the first half of 2015 on ACG block, which is the same as in the first half of 2014.