OPEC reveals Azerbaijan’s oil production forecast
Baku, Azerbaijan, Oct.12
By Leman Zeynalova – Trend:
Azerbaijan’s oil supply is anticipated to average 0.87 million barrels per day, unchanged from the previous report, indicating minor growth of 10,000 barrels in 2016, OPEC said in its monthly oil market report published Oct.12.
Azerbaijan’s crude oil output in August decreased by 30,000 barrels per day to average 0.86 million barrels per day, said the report.
Nevertheless, total oil production (crude plus NGLs) was pegged at 0.87 million barrels per day in the first half of 2016, the same as in the first half of 2015 , but higher by 20,000 barrels per day than second half of 2015, said the cartel.
Azerbaijan’s oil production is expected to stand at 0.9 million barrels per day in the first quarter of 2017 and 0.8 million barrels per day in the second, third and fourth quarters of 2017 each.
The main oil output in Azerbaijan currently comes from the Azeri-Chirag-Guneshli field. The contract for the Azeri-Chirag-Guneshli’s development, with proven reserve of nearly 1 billion tons of oil, was signed in 1994.
Azerbaijan's proven 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 Azerbaijan’s State Statistics Committee.