OPEC ups oil production forecast for Azerbaijan

The forecast was revised up by 16,000 barrels per day from the previous MOMR, indicating minor growth of 10,000 in 2016, Trend reports.

In 1H16 total oil production (crude plus NGLs) was pegged at 0.87 million barrels per day in Azerbaijan, the same as 1H15, but higher by 20,000 barrels per day than 2H15.

OPEC also expects oil production to decline to 0.8 million barrels per day in 2017.

The main oil output in Azerbaijan currently comes from the Azeri-Chirag-Guneshli field. This offshore block produces Azeri Light oil with 0.15-percent sulfur content and 35 degrees API.

The contract for the Azeri-Chirag-Guneshli’s development, with proven reserve of nearly 1 billion tons of oil, was signed in 1994.

Azerbaijan's proven oil reserves amounted to 7 billion barrels at the end of 2015, according to BP's Statistical Review.

Azerbaijan produced 41.69 million tons of oil and gas condensate in 2015, or 0.8 percent less than in 2014, according to Azerbaijan’s State Statistics Committee.