OPEC reveals Azerbaijan’s oil production forecasts
Baku, Azerbaijan, June 13
By Aygun Badalova - Trend:
Azerbaijan's oil production will average 0.85 million barrels per day (bpd) in the second quarter of 2016, which is 20,000 bpd less than in the first quarter of the year, according to the OPEC's forecasts, published in its June Oil Marker Report.
OPEC's estimates show that the country's oil production declined by 20,000 bpd to average 0.87 million bpd in April 2016.
Average annual output growth was revised by cartel by 20,000 bpd, compared with the previous month, therefore annual output is expected to decline year-over-year by 20,000 bpd to reach 0.84 million bpd.
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's proved oil reserves amounted to 7 billion barrels at the end of 2015, according to BP's Statistical Review.
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.