EIA reveals forecast for Azerbaijan's oil production

Azerbaijan's oil production will increase by 20,000 barrels per day (bpd) to 1.01 million bpd in 2012, a monthly report of the U.S. Energy Information Administration (EIA) says.

According to the EIA's estimates, the country produced 0.96 million bpd in the first quarter and 0.95 million bpd in the second quarters if 2012.

In the third quarter of this year EIA predicts oil production in Azerbaijan at 1.01 million bpd, in the fourth quarter - at 1.12 million bpd.

In 2013 EIA predicts Azerbaijan's oil production to decrease by 50,000 bpd to 0.96 mln bpd.

According to the EIA's forecasts, the highest level of the country's production in 2013 will be observed in the first and second quarters - at 0.97 mln bpd. In the third quarter, production will amount to 0.96 mln bpd, in the fourth quarter - 0.94 mln bpd.

According to the BP, Azerbaijan's proven oil reserves amounted to 7 billion barrels in early 2011. Oil production in the country amounted to 1.037 million bpd in 2010, or 0.5 percent more than the figure in 2009.

The main volume of Azerbaijan's oil production accounts for the Azeri-Chirag-Guneshli fields. Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API) is produced here.

ACG participating interests are: BP (operator - 35.83 percent), Chevron (11.27 percent), SOCAR (10 percent), INPEX (10.96 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), ITOCHU (4.3 percent), Hess (2.7 percent), AzACG (11.6 percent).

/Trend/