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EIA expects Azerbaijan’s oil production to be stable

EIA expects Azerbaijan’s oil production to be stable

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Date: 9 December 2015 15:42

Baku, Azerbaijan, Dec. 9

By Aygun Badalova - Trend:

Azerbaijan’s oil production to average 0.88 million barrels per day in the first half of 2016 and 0.87 million barrels per day in the second half of the next year, according to the U.S. Energy Information Administration’s (EIA) Short-Term Energy Outlook.

EIA forecasts Azerbaijan’s oil production to average 0.87 million barrels per day in 2015 and 2016 compared to 0.86 million barrels per day in 2014.

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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