Azernews.Az

OPEC kept its forecast on Azerbaijan's oil production unchanged at 0.96 million barrels per day (bpd) for 2012 and 2013.

"Azerbaijan oil production is predicted to remain steady in 2012 and average 0.96 million bpd, flat compared to the previous month," the oil cartel's September oil market report says.

According to OPEC's projections, 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 and 0.96 million bpd in the first quarter of the year.

OPEC estimates that in the first half of 2012, Azerbaijan's oil supply averaged 0.94 million bpd, a decline of 60,000 bpd compared to the same period of 2011.

Production in the second half of 2012 is seen increasing compared to the first half, OPEC predicts.

OPEC expects the highest level of Azerbaijan's oil production in 2013 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 it will make up 0.96 million bpd.

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

Azerbaijan produces most of its oil from the major Azeri-Chirag-Gunashli fields in the Caspian Sea. Participants of the project to develop ACG 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), Itochu (4.3 percent) and Hess (2.72 percent).