OPEC keeps Azerbaijan’s oil output forecast unchanged

OPEC keeps Azerbaijan’s oil output forecast unchanged

OPEC kept its forecast on Azerbaijani oil production unchanged at 0.96 million barrels per day (bpd) for 2012 and 2013. “Azerbaijan oil production is predicted to remain steady in 2012 and average 0.96 million bpd, flat compared to the previous month,” OPEC’s September oil market report says.

According to OPEC forecasts, the country’s oil production will amount to 0.96 million bpd in the third quarter and 0.99 million bpd in the fourth quarter of 2012 compared to 0.92 million bpd in the second quarter and 0.96 million bpd in the first quarter of the year. According to OPEC estimates, during the first half of 2012, Azerbaijan’s oil supply averaged 0.94 million bpd, a decline of 60,000 barrels per day compared to the same period a year earlier.

Production in the second half of 2012 is seen increasing compared to the first half, OPEC believes. OPEC expects the highest level of Azerbaijan’s oil production in 2013 in the first quarter – at 0.98 million bpd. In the second and third quarters of the year production will amount to 0.94 million bpd, in the fourth quarter – to 0.96 million bpd.

According to BP, the proven oil reserves of Azerbaijan amounted to 7 billion barrels as of early 2011. Oil production in the country amounted to 1.037 million bpd in 2010. The main volume of oil produced in Azerbaijan falls to the offshore field Azeri-Chirag-Guneshli. This area 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 Hess (2.72 percent).

Leave A Comment