EIA revises Azerbaijani oil output forecasts up

Oil&Gas Materials 8 September 2016 15:44 (UTC +04:00)

Baku, Azerbaijan, Sept. 8

By Aygun Badalova - Trend:

Azerbaijan’s oil production will amount to 0.86 million barrels in 2016 and 0.83 million barrels in 2017, according to the forecasts of the US Energy Information Administration (EIA), published in its September Short-Term Energy Outlook (STEO).

In August STEO these figures stood at 0.85 and 0.81 million barrels per day for this and next year respectively.

The country’s oil production stood at 0.86 million barrels per day in 2015, according to the EIA’s estimates.

Azerbaijan’s daily oil production was 0.87 million barrels in Q1 and Q2 2016, while it is forecast at 0.85 million barrels in Q3 and Q4 2016, said the EIA.

According to EIA, the 2017 oil production in Azerbaijan will reach the highest level in Q1 - 0.84 million barrels per day, while it is expected to stand at 0.83 million barrels per day in Q2, 0.82 million barrels per day in Q3 and 0.81 million barrels per day in Q4.

The Azeri-Chirag-Gunashli block of offshore fields is giving the major part of the oil produced in Azerbaijan. The Azerbaijani Light oil is produced at that block.

Azerbaijan’s proven oil reserves stood at 7 billion barrels as of early 2015, according to BP.

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