Baku, Azerbaijan, March 9
By Aygun Badalova - Trend:
Azerbaijan's oil production will amount to 0.81 million barrels per day in 2016 and 0.8 million barrels per day in 2017, according to the US Energy Information Administration's (EIA) forecasts published in its Short-Term Energy Outlook (STEO).
In its previous STEO EIA forecasted Azerbaijan's oil production at 0.87 million barrels per day in 2016 and 0.86 million barrels per day in 2017.
EIA expects the country's oil production at 0.8 million barrels per day in Q1 and Q2 of 2016, 0.81 million barrels per day in Q3, and 0.84 million barrels per day in Q4 of 2016.
The lowest level of Azerbaijan's oil production in 2017 will be observed in the fourth quarter - at 0.78 million barrels per day, according to the EIA's forecasts.
In Q1 of 2017, EIA forecasts the country's oil production at 0.83 million barrels per day, in Q2 - at 0.81 million barrels per day, in Q3 - at 0.79 million barrels per day.
The main oil output in Azerbaijan comes from the 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.