OPEC predicts Azerbaijan's oil output at 0.86 mn bpd in 2014
March 12--Azerbaijan's oil output will slightly decrease by 10,000 barrels per day (bpd) to 0.86 million bpd in 2014, according to OPEC March oil market report.
The highest level of the country's oil production in 2014, according to the forecasts, will be observed in the fourth quarter -- at 0.89 million bpd. In the first quarter of the year the production will amount to 0.83 million bpd, in the second quarter -- to 0.86 million bpd, in the third quarter -- to 0.88 million bpd.
In 2013 Azerbaijan's oil production amounted to 0.87 million bpd, according to OPEC estimations.
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 million bpd in 2012.
The main volume of oil produced in Azerbaijan falls on the 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).
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Even if the Azeri news (Trend.az) is telling the truth, at 0.86mbpd, their production would have dropped to 313 million barrels for the 2014, still following (and even underperforming) their expected decline: http://carnegieendowment.org/images/...n_Graph-01.jpg
Also I must note that there is no sign of a reversal in 2013 as this articles sort of hint at through quoting Azerbaijan who tries to deviate from the basic numbers, which is why they are not releasing 2013 numbers 3 months into 2014.
Their production since 2010 peak:
2008: 870,000 Barrels per day
2009:1,007,000 Barrels per day
2010:1,035,000 Barrels per day
2011: 983,000 Barrels per day
2012 872,000 Barrels per day
2013 870,000 Barrels per day (OPEC Estimate-according to trend.az)
2014 860,000 Barrels per day (BP Estimate-according to trend.az)