Azernews.Az

Azerbaijan's oil production will remain steady at 0.96 million barrels per day (bpd) in 2012 and 2013, OPEC's August oil market report says.

According to OPEC forecasts, the country's oil production will amount to 0.96 million bpd in the third quarter and 0.99 million bpd in the fourth quarter of 2012 compared to 0.92 million bpd in the second quarter of this year.

Oil production in 2013 is expected to peak in the first quarter at 0.98 million bpd. In the second and third quarters of the year production will amount to 0.94 million bpd, while in the fourth quarter - to 0.96 million bpd, OPEC estimates.

According to BP, Azerbaijan's proven oil reserves amounted to 7 billion barrels as of early 2011. Oil production in the country made up 1.037 million bpd in 2010.

Azerbaijan produces most of its oil from the major Azeri-Chirag-Gunashli fields in the Caspian Sea. The Baku-Tbilisi-Ceyhan (BTC) main export pipeline, which runs through Georgia and Turkey, is transporting ACG oil.

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).