Baku, Azerbaijan, March 15
By Aygun Badalova - Trend:
In Azerbaijan, the total oil production declined by 10,000 barrels per day (bpd) to average 0.86 million bpd in 2015, according to the estimates published in OPEC Monthly Oil Market Report.
"Despite higher output in January 2016 of 20,000 bpd m-o-m (month over month) due to a return from maintenance at ACG's (Azeri-Chirag-Guneshli ) oil field complex, the y-o-y (year over year) decline is anticipated to increase to 40,000 bpd in 2016 to average 0.82 million bpd, due to higher maintenance expectations and the lack of replacement for mature field losses," the report said.
Azerbaijan's oil production will average 0.9 million bpd in the first quarter of 2016, according to OPEC's forecasts.
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.