Azernews.Az

By Aynur Karimova

The world’s oil cartel, OPEC, has said oil production in energy-rich Azerbaijan remained stagnant in 2015 averaging 0.86 million barrels per day.

This figure was revised up by 10,000 barrels per day in OPEC's Monthly Oil Market Report published on January 18 from the previous report.

On a quarterly basis, Azerbaijan’s oil output is estimated to average 0.89 million barrels per day in the first quarter and 0.85 million barrels per day in the second, third and fourth quarters of 2015.

Earlier Energy Minister Natig Aliyev said Azerbaijan achieved a stable output of oil in 2015. The country produced 41.6 million tons of oil against forecasted 40.7 million tons.

Some 31 million tons of oil was extracted from the giant Azeri-Chirag-Gunashli field, 2.3 million tons from the Shah Deniz field (condensate) and 8.2 million tons by Azerbaijan's state energy company SOCAR.

OPEC also expects Azerbaijan’s oil production to reach 0.82 million barrels per day in 2016 by declining by 40,000 barrels per day.

Azerbaijan, wholly located within the South Caspian Sea basin, is among the oldest oil producers in the world. The country is one of the Caspian region's most important strategic export routes to the West.

Azerbaijan’s proved oil reserves amounted to 7 billion barrels at the beginning of 2015, according to BP’s Statistical Review.

The country's largest hydrocarbon basins are located offshore in the Caspian Sea, particularly the Azeri-Chirag-Gunashli block of oil and gas fields.

ACG holds over 70 percent of Azerbaijan's total reserves, with about 5 billion barrels located in this field.

The ACG block of fields is developed jointly with foreign partners. BP and its partners produced 16 million tons during the first half of 2015 on ACG block. Currently, Azerbaijan's daily oil production stands at 120 million tons.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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