Eni reveals estimates on Azerbaijan’s oil reserves

Oil&Gas Materials 12 October 2021 16:20 (UTC +04:00)
Eni reveals estimates on Azerbaijan’s oil reserves

BAKU, Azerbaijan, Oct.12

By Leman Zeynalova – Trend:

Italian Eni company estimates Azerbaijan’s oil reserves at 6.978 billion barrels as of December 31, 2020, Trend reports with reference to the company’s World Energy Review 2021.

The country’s oil reserves have remained unchanged since 2018, while from 2005 through 2017 this figure stood at 7 billion barrels.

Eni notes that the country’s oil production dropped by 8.6 percent in 2020 as compared to 2019, from 765,000 barrels per day to 699,000 barrels per day. This is while Azerbaijan oil consumption fell by 10.6 percent from 104,000 barrels per day to 93,000 barrels per day.

OPEC forecasts that in 2021, Azerbaijan’s liquids supply is expected to show growth of 0.02 million barrels per day (mb/d) for the year to average 0.75 mb/d. Liquids supply is forecast to grow by 0.07 mb/d to average 0.82 mb/d in 2022, said the cartel.

Azerbaijan’s liquids production in July was flat to average 0.73 mb/d month-on-month, up by 0.04 mb/d year-on-year. While crude production averaged 608,000 b/d, natural gas liquids (NGLs) production was also steady at an average of 122,000 b/d, reads the latest OPEC report.


Follow the author on Twitter: @Lyaman_Zeyn