EIA keeps Azerbaijan’s oil production forecast unchanged
Baku, Azerbaijan, Nov.10
By Leman Zeynalova – Trend:
Azerbaijan’s oil production will amount to 0.86 million barrels per day in 2016 and 0.83 million barrels per day in 2017, according to the forecasts of the US Energy Information Administration (EIA), published in its November Short-Term Energy Outlook (STEO).
The forecasts in this report haven’t changed as compared to the October Short-Term Energy Outlook.
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 of 2016 each and 0.85 million barrels in Q3 and it is forecast at 0.85 million barrels in 4Q2016, 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 drop to 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.
Azeri-Chirag-Gunashli block of offshore fields gives the major part of oil produced in Azerbaijan. 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.