OPEC: Azerbaijan's oil production volume falls
Azerbaijan's oil production was 0.84 million barrels per day in March 2016, which is by 10,000 and 20,000 barrels per day less than in January and February, respectively, OPEC Monthly Oil Market Report for May 2016 said.
An average oil supply of 0.85 million barrels per day was registered in Azerbaijan in the first quarter of 2016.
The report also said that an average annual output is expected to decline by 40,000 barrels per day - to 0.82 million barrels per day. The forecast has remained unchanged compared to OPEC's previous forecasts for 2016.
Earlier, the US Energy Information Administration's (EIA) forecasted Azerbaijan’s oil production at 0.87 million barrels per day in 2016 and 0.86 million barrels per day in 2017.
The Agency expects the country’s oil production at 0.8 million barrels per day in Q1 and Q2 of 2016, 0.81 million barrels per day in Q3, and 0.84 million barrels per day in Q4 of 2016.
President of Azerbaijan’s state energy company SOCAR Rovnag Abdullayev has recently announced that the country intends to keep the oil production in 2016 at the 2015 level.
He noted that the projects for increasing the production volume have already been suspended, stressing that the oil output won’t exceed last year’s level.
SOCAR produced 8.16 million tons of oil in 2015, compared to 8.32 million tons in 2014. In total, 41.59 million tons of oil was produced in Azerbaijan in 2015, compared to 42.02 million tons in 2014, according to the company.
The country produced around 0.8 million barrels of oil per day in 2015 while the world export production stood at 95.71 million barrels per day.
The main oil output in Azerbaijan comes from the Azeri-Chirag-Guneshli field. This offshore block produces Azeri Light oil with 0.15 percent sulfur and 35 degrees API.
The contract for the Azeri-Chirag-Guneshli development, with proven reserve of nearly 1 billion tons of oil, was signed in 1994.
Azerbaijan’s proved oil reserves amounted to 7 billion barrels at the end of 2014, according to BP’s Statistical Review.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!