OPEC revises up forecasts on Azeri oil output

OPEC revises up forecasts on Azeri oil output

Azerbaijan`s average oil production will increase by 20,000 barrels per day to 0.97 million bpd in 2012, OPEC said in its June oil market report, an upward revision of 10,000 bpd from the previous month`s forecasts.

The revision is the result of updated production data in the first quarter, as well as adjustments to the rest of the year, OPEC said.

The oil cartel forecasts that Azerbaijan`s oil production will amount to 0.97mln bpd in the second and third quarters of 2012, and 1mln bpd in the fourth quarter of the year.

In Q1, the country`s oil output was 0.96 mln bpd, according to the estimates.

Oil production in the country made up 1.037 million bpd in 2010.

According to BP, the proven oil reserves of Azerbaijan amounted to 7 billion barrels as of early 2011.

Azerbaijan produces most of its oil from the major Azeri-Chirag-Gunashli fields in the Caspian Sea. The Baku-Tbilisi-Ceyhan (BTC) main export pipeline, which runs through Georgia and Turkey, is transporting ACG oil.

ACG participating interests are: BP (operator – 35.78 percent), Socar (11.65 percent), Chevron (11.27 percent), Inpex (10.96 percent), Statoil (8.56 percent), ExxonMobil (8 percent), TPAO (6.75 percent), Itochu (4.3 percent) and Hess (2.72 percent).



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