Azerbaijan’s proven oil reserves unchanged from 2015 - BP

Oil&Gas Materials 10 June 2016 15:24 (UTC +04:00)

Baku, Azerbaijan, June 10

By Aygun Badalova - Trend:

Azerbaijan's proven oil reserve as of early 2016 stood at 7 billion barrels, or 0.4 percent of the world's total proven oil reserve, according to the BP Statistical Review of World Energy 2016.

The estimation of Azerbaijan's proven oil reserve remained unchanged as compared to the figure reflected in BP's 2015 report.

The oil production in the country stood at 841,000 barrels per day in 2015, or 1 percent less than in 2014, according to BP.

BP said that the oil consumption in Azerbaijan totaled 90,000 barrels per day in 2015, or 1.3 percent more than in 2014.

BP is the operator of Azerbaijan's Azeri-Chirag-Guneshli (ACG) block of oil and gas fields. Its share in the project is 35.78 percent. The geological oil reserve of ACG exceeds 2 billion tons, of which over 1 billion tons are recoverable reserves.

As much as 13.98 million tons of oil and gas condensate was produced in Azerbaijan in January-April 2016, or 1.8 percent less than in the same period in 2015, according to the country's State Statistical Committee.


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