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OPEC Reveals Forecasts on Azerbaijan’s Oil Output

Azerbaijan's oil production will decline by 40,000 barrels per day to 0.82 million barrels per day in 2016, according to OPEC Monthly Oil Market Report published on September 12.

The country's oil output is anticipated to decline by 10,000 to average 0.86 million barrels per day in 2015, unchanged from the previous report and indicating steady production in the year, OPEC said.

"Azerbaijan's August output fell by 20,000 barrels per day month-over-month to 0.84 million barrels per day, according to the report.

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.

Source: Trend

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