EIA reveals Azerbaijan’s oil production forecasts
Baku, Azerbaijan, Nov. 11
By Aygun Badalova - Trend:
Azerbaijan's oil production will amount to 0.88 million barrels per day (bpd) in the second half of 2015 compared to 0.86 million bpd in the first quarter of the year, according to the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook.
The country's oil production will average 0.87 million bpd in 2015 and 2016, according to the forecasts.
EIA expects Azerbaijan's oil production at 0.88 million bpd in the first quarter of 2016 and 0.87 million bpd in the second quarter of the next year.
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.