Azernews.Az

Azerbaijan`s oil production will increase by 60,000 barrels per day to 1.05 million bpd in 2012, the U.S. Energy Information Administration (EIA) said in a monthly report.

According to the EIA`s forecasts, Azerbaijan`s oil production this year will peak in the third quarter at 1.14 million bpd. In the first quarter, the country produced 0.96 million bpd, while in the second quarter it will produce 0.99 million bpd and in the fourth quarter - 1.12 million bpd, according to the EIA`s estimates.

In 2013, Azerbaijan`s oil output is expected to decrease by 80,000 bpd to 0.97 million bpd, the EIA says. In Q1 2013, the resource-rich South Caucasus republic`s oil production will amount to 1 million bpd. The figure is expected to gradually decrease to 0.94 million bpd in Q4 2013, the EIA predicts.

Oil production in the country amounted to 1.037 million bpd in 2010, 0.5 percent over 2009.

According to oil giant BP, Azerbaijan`s proven oil reserves amounted to 7 billion barrels as of early 2011.

Most of Azerbaijan`s oil is produced from the Azeri-Chirag-Gunashli fields in the Caspian Sea. Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API) is produced there.

ACG participating interests are: BP (operator - 35.78 percent), Socar (11.65 percent), Chevron (11.27 percent), Inpex (10.96 percent), Statoil (8.56 percent), ExxonMobil (8 percent), TPAO (6.75 percent), Itochu (4.3 percent) and Hess (2.72 percent).