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EIA's forecasts on Azerbaijan's oil output made public

11 April 2014 11:00 (UTC+04:00)
EIA's forecasts on Azerbaijan's oil output made public

By Aynur Jafarova

The U.S. Energy Information Administration (EIA) predicts Azerbaijan's oil production to amount to 0.8 million barrels per day (bpd) in 2015.

This was noted in EIA's Short-Term Energy Outlook.

EIA predicts the country's oil production at 0.84 million bpd and 0.83 million bpd in the third and fourth quarters of 2014 and 0.88 million bpd and 0.86 million bpd in the first and second quarters, respectively.

EIA believes the highest level of the country's oil production in 2015 will be observed in the first quarter which will amount to 0.83 million bpd. In the second quarter the production will amount to 0.81 million bpd, in the third quarter to 0.79 million bpd, and in the fourth quarter to 0.78 million bpd.

Azerbaijan is predicted to extract 43 million tons of oil in 2014.

BP has put Azerbaijan's proven oil reserves at 7 billion barrels as of early 2013. Oil production in the country amounted to 0.872 million bpd in 2012.

The main volume of oil produced in Azerbaijan falls on the Azeri-Chirag-Gunashli block of fields. This block produces Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API).

The ACG block of fields has been producing since 1997. Production started from the Chirag part of the field and continues successfully, followed by the Azeri Project; Central Azeri production started in February 2005, West Azeri began producing in December 2005, and East Azeri came on stream in October 2006.

The Deepwater Gunashli section launched production in April 2008.

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