Azernews.Az

Azerbaijan`s oil production amounted to 931,000 barrels per day in 2011, 10.3 percent down from 2010, oil giant BP has said in a report.

Azerbaijan`s share in global oil production was 1.1 percent last year, BP`s Statistical Review of World Energy 2012 says.

Oil consumption in Azerbaijan increased by 11.9 percent to 80,000 barrels per day in 2011, according to the company, which develops major offshore oil and gas fields in the resource-rich South Caucasus republic along with its international partners.

BP`s estimate on the country`s proven oil reserves remained unchanged at 7 billion barrels, or 0.4 percent of the world`s proven oil reserves.

Azerbaijan produces most of its oil from the major Azeri-Chirag-Gunashli (ACG) fields in the Caspian Sea. BP, with 35.8 per cent stake, is operator of the ACG project.

In its assessment of Azerbaijan`s gas production, BP said the figure amounted to 14.8 billion cubic meters in 2011, which is 1.8 percent less than in 2010.

Azerbaijan`s share in global gas production was 0.5 per cent in 2011.

Gas consumption in the country increased 9.6 per cent to 8.2 billion cubic meters last year.

As of January 1, 2012, Azerbaijan`s proven gas reserves amounted to 1.3 trillion cubic meters, which is unchanged from BP`s 2011 estimates.

The share of the country in the global proven gas reserves was 0.6 percent, according to BP.

The company operates the project on developing Shah Deniz, a giant offshore gas-condensate field which holds reserves of 1.2 trillion cubic meters.