Azernews.Az

Azerbaijan's oil production will decrease by 40,000 barrels per day (bpd) to 0.9 million bpd in 2013 compared to 0.94 million bpd in 2012, a monthly report of the U.S. Energy Information Administration (EIA) says, Trend news agency reported.

According to the EIA's estimates, the country produced 0.95 million bpd in the fourth quarter of 2012.

According to the EIA's forecasts, the highest level of the country's production in 2013 will be observed in the first quarter - at 0.92 mln bpd. In the second quarter, production will amount to 0.91 mln bpd, in the third - to 0.86 mln bpd, in the fourth quarter - to 0.89 mln. bpd.

In 2014, EIA predicts Azerbaijan's oil production to decrease by 50,000 bpd to 0.85 mln bpd. In the first quarter of the next year Azerbaijan's oil production will amount to 0.88 mln. bpd, in the second quarter - to 0.86 mln. bpd, in the third quarter - to 0.84 mln. bpd, in the fourth quarter - to 0.83 mln. bpd.

According to the BP, Azerbaijan's proven oil reserves amounted to 7 billion barrels in early 2011.

The main volume of Azerbaijan's oil production accounts for the Azeri-Chirag-Guneshli block of fields in the Caspian Sea. Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API) is produced here.

ACG participating interests are: BP (operator - 35.83 percent), Chevron (11.27 percent), SOCAR (10 percent), INPEX (10.96 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), ITOCHU (4.3 percent), Hess (2.7 percent) and AzACG (11.6 percent).