Azerbaijan's oil production will amount to 0.86 million barrels per day (bpd) in the second quarter of 2014 compared to 0.88 million bpd in the first quarter of the year, according to the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook.
Azerbaijan's oil production will continue slightly decline in the third and fourth quarters of this year averaging 0.84 million bpd and 0.83 million bpd respectively.
EIA kept unchanged its forecasts on the country's oil production for 2014 and 2015 - at 0.85 million bpd and 0.8 million bpd respectively compared to 0.88 million bpd in 2013 .
The highest level of the country's oil production in 2015, according to the forecasts, will be observed in the first quarter - at 0.83 million bpd. In the second quarter the production will amount to 0.81 million bpd, in the third quarter - to 0.79 million bpd, in the fourth quarter - to 0.78 million bpd.
Azerbaijan's proven oil reserves amounted to 7 billion barrels as of early 2013, according to BP. Oil production in the country amounted to 0.872 mbd in 2012.
The main volume of oil produced in Azerbaijan falls on Azeri-Chirag-Guneshli offshore fields block. This block produces Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API).
Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.6 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and ONGC Videsh (2.72 percent).