Azernews.Az

Azerbaijan's oil production will decrease by 40,000 barrels per day (bpd) to 0.87 million bpd in 2013, OPEC's January oil market report said, Trend news agency reported.

This figure represents a downward revision of 15,000 bpd from the previous forecasts. The revision was partly carried over from updates to the 2012 estimate.

According to OPEC's forecasts, the highest level of Azerbaijan's oil production in 2013 will be observed in the first quarter - at 0.9 million bpd. In the second quarter production will amount to 0.86 million bpd, in the third quarter - 0.85 million bpd and in the fourth quarter - 0.87 million bpd.

OPEC's estimates show that in 2012 Azerbaijan's oil production amounted to 0.91 million bpd with 0.88 million bpd in the fourth quarter.

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

The main volume of oil produced in Azerbaijan falls to the offshore field Azeri-Chirag-Guneshli. This area produces Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API).

Participants of the project to develop Azeri-Chirag-Guneshli 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), Itocu (4.3 percent) and Hess (2.72 percent).