OPEC discloses data on Azerbaijan’s oil reserves and production

Oil&Gas Materials 23 June 2016 12:14 (UTC +04:00)

Baku, Azerbaijan, June 23

By Aygun Badalova - Trend:

The proven oil reserves hit seven billion barrels in Azerbaijan as of early 2016, the OPEC Annual Statistical Bulletin said.

According to the OPEC Annual Statistical Bulletin, the estimation of the volume of proven oil reserves remained unchanged in Azerbaijan compared to 2015.

According to the OPEC data, oil production decreased by 0.8 percent to 786,000 barrels per day in Azerbaijan in 2015. Oil demand increased by 1.1 percent to 297,700 barrels in Azerbaijan.

The main oil output in Azerbaijan accounts for the Azeri-Chirag-Guneshli block of offshore fields. This offshore block produces Azeri Light oil.

Azerbaijan produced 41.69 million tons of oil and gas condensate in 2015, or 0.8 percent less than in 2014, according to the country’s State Statistics Committee.