OPEC predicts Azerbaijan’s oil production at 0.87 mln bpd

By: Aynur Jafarova

OPEC predicts Azerbaijan’s oil production to amount to 0.87 million barrels per day (bpd) on average in 2014.

OPEC’s April oil market report said the production in the country will reach 0.89 million bpd in the fourth quarter as the highest production level of the year.

OPEC estimates the country’s oil production in the first quarter of 2014 was steady at 0.83 million bpd.

In the second quarter, Azerbaijan’s oil production is predicted at 0.86 million bpd, in the third quarter at 0.88 million bpd, in the fourth quarter at 0.89 million bpd.

The U.S. Energy Information Administration (EIA) predicts Azerbaijan’s oil production at 0.84 million bpd and 0.83 million bpd in the third and fourth quarters of 2014 and 0.88 million bpd and 0.86 million bpd in the first and second quarters, respectively.

Azerbaijan is predicted to extract 43 million tons of oil in 2014.

BP has put Azerbaijan’s proven oil reserves at 7 billion barrels as of early 2013. Oil production in the country amounted to 0.872 million bpd in 2012.

The main volume of oil produced in Azerbaijan falls on the Azeri-Chirag-Gunashli block of fields. This block produces Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API).

The ACG block of fields has been producing since 1997. Production started from the Chirag part of the field and continues successfully, followed by the Azeri Project; Central Azeri production started in February 2005, West Azeri began producing in December 2005, and East Azeri came on stream in October 2006.

The Deepwater Gunashli section launched production in April 2008.

SOURCE: AZER NEWS