Baku, Azerbaijan, Feb.10
By Aygun Badalova - Trend:
Azerbaijan's oil production will decrease by 40,000 barrels per day to 0.82 million barrels per day in 2016, according to OPEC Monthly Oil Market Report published on February 10.
A small decline of only 10,000 barrels per day was registered in Azerbaijan's oil production in 2015. The country's output amounted to 0.86 million barrels per day last year, OPEC's report said.
The decline of the country's oil output in 2016 will be due to higher maintenance expectations and the lack of replacement for mature field losses, the report said.
In November, oil output shrunk by 40,000 barrels per day month over month to heavy maintenance at the ACG (Azeri-Chirag-Guneshli) complex, according to the report.
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.