OPEC reaches a deal to cut production (02 December 2016 17:46)
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Date: 23 December 2015 17:52
Baku, Azerbaijan, Dec. 23
By Aygun Badalova - Trend:
OPEC expects Azerbaijan’s oil production to drop further over the medium-term.
Azerbaijan’s liquids supply fell to 0.93 million barrels per day in 2011 and 0.87 million barrels per day in 2014, according to OPEC World Oil Outlook (WOO), published on December 23.
Crude oil and NGLs production in the country is projected to keep declining gradually to a level of about 0.7 million barrels per day in 2020.
OPEC expects Azerbaijan's production to decline to 0.6 million barrels per day in 2035 and 2040.
In 2015, Azerbaijan’s crude oil and NGLs production will average 0.9 million barrels per day, according to the forecasts.
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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