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OPEC keeps Azerbaijan's oil production forecasts unchanged

OPEC keeps Azerbaijan's oil production forecasts unchanged

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Date: 10 December 2015 16:27

Baku, Azerbaijan, Nov. 110

By Aygun Badalova – Trend

Azerbaijan’s oil production will decrease by 40,000 barrels per day (bpd) to 0.82 million bpd in 2016, according to to OPEC Monthly Oil Market Report published on December 12.

The forecasts have been kept unchanged from the previous OPEC report.

Lower prices are likely to accelerate declines in the country’s production in 2016 compared to 2015, OPEC believes.

Azerbaijan’s oil supply is anticipated to decline by 10,000 bpd to average 0.86 million bpd in 2015, indicating steady production during the year.

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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