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Azerbaijan’s oil output ups, OPEC says

Azerbaijan’s oil output ups, OPEC says

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Date: 12 November 2015 16:07

Baku, Azerbaijan, Nov. 12

By Aygun Badalova – Trend

Azerbaijan’s oil production increased by 32,000 barrels per day to 0.83 million barrels per day in September, according to OPEC Monthly Oil Market Report published on November 12.

“Output is running lower year over year by 30,000 barrels per day in the year-to-September, which comes despite the Azeri-Chirag-Guneshli (ACG) field producing 24,000 barrels per day (4 percent) more year over year,” the report said.

The country’s oil output is anticipated by OPEC to decline by 10,000 barrels per day to average 0.86 million barrels per day in 2015, unchanged from the previous report.

Azerbaijan’s oil production is predicted to decline by 40,000 barrels per day to average 0.82 million barrels per day in 2016.

The main oil output in Azerbaijan comes from 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. Shares in the contract are as follow: BP (operator) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

Azerbaijan’s proved oil reserves amounted to 7 billion barrels at the end of 2014, according to BP’s Statistical Review.

BP and its partners produced 16 million tons during the first half of 2015 on ACG block, which is the same as in the first half of 2014.

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