Azerbaijan's oil production to reach 0.86 million bpd in Q2
By Nazrin Gadimova
Azerbaijan's oil production will amount to 0.86 million barrels per day (bpd) in the second quarter of 2014, compared to 0.88 million bpd in the first quarter of the year.
The news was announced in the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook.
Azerbaijan's oil production will slightly decline in the third and fourth quarters of this year, averaging 0.84 million bpd and 0.83 million bpd respectively.
The EIA kept its forecasts on the country's oil production for 2014 and 2015 unchanged - at 0.85 million bpd and 0.8 million bpd respectively, compared to 0.88 million bpd in 2013.
The forecasts show that the highest level of Azerbaijan's oil production in 2015 will be observed in the first quarter at 0.83 million bpd, while it will amount to 0.81 million bpd in the second quarter, 0.79 million bpd in the third quarter, and 0.78 million bpd in the fourth quarter.
Azerbaijan's proven oil reserves amounted to 7 billion barrels in early 2013, BP said. Oil production in the country amounted to 0.872 mbd in 2012.
The main volume of oil produced in Azerbaijan falls on Azeri-Chirag-Guneshli offshore fields block. This block produces Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API).
The participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.6 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent), and ONGC Videsh (2.72 percent).
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