Baku, Azerbaijan, Feb. 10
By Aygun Badalova - Trend:
The U.S. Energy Information Administration (EIA) has kept Azerbaijan's oil production forecasts unchanged - at 0.87 million barrels per day in 2016 and 0.86 million barrels per day in 2017.
In the first two quarters of 2016, according to the EIA's Short-Term Energy Outlook, Azerbaijan's oil production will amount to 0.88 million barrels per day, while in the third and fourth quarters of the year the production will average 0.87 million barrels per day.
In 2017, EIA forecasts the highest Azerbaijan's oil production to be observed in the first quarter - at 0.87 million barrels per day. In the second and third quarters of the next year the country's production will average 0.86 million barrels per day, in the fourth - 0.85 million barrels per day, according to the EIA's forecasts.
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.
Azerbaijan produced 41.69 million tons of oil and gas condensate in 2015, or 0.8 percent less than in 2014, according to the State Statistics Committee.
This is while 41.9 million tons of oil and gas condensate were produced in Azerbaijan in 2014, compared to 43.1 million tons in 2013.
Azerbaijan's proved oil reserves amounted to 7 billion barrels at the end of 2014, according to BP's Statistical Review.