EIA reveals Azerbaijan’s oil production forecasts
Baku, Azerbaijan, June 8
By Aygun Badalova - Trend:
Oil production in Azerbaijan will amount to 0.82 million barrels per day (bpd) in 2016 and 0.8 million bpd in 2017, according to the US Energy Information Administration's (EIA) forecasts published in its June Short-Term Energy Outlook (STEO).
In 2015, Azerbaijan produced 0.86 million bpd of oil, according to the EIA's estimates.
EIA forecasts the country's oil production at 0.81 million bpd in the third quarter and 0.84 million bpd in the fourth quarter of this year.
For the next year EIA expects Azerbaijan's oil production at 0.83 million bpd, 0.81 million bpd, 0.79 million bpd and 0.78 million bpd respectively.
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.