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BP keeps unchanged Azerbaijan’s proved oil reserve estimates

15 June 2017 [11:37] - TODAY.AZ

By Azernews

By Gynay Camal

Azerbaijan’s proved oil reserves stood at 7 billion barrels at end 2016, or 0.4 percent of the world proved oil reserves, according to the BP Statistical Review of World Energy.

The estimates of the volume of proved oil reserves in the country remained unchanged from last year's BP report.

Oil production in Azerbaijan stood at 826,000 barrels per day, or 1.6 percent less than in 2015, according to the report.

This is while oil consumption in the country stood at 99,000 barrels per day, or 2.2 percent less than in 2015, said BP.

BP is the operator of development of the Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea. The contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.

The shareholders of the project are: BP - 35.8 percent, Chevron - 11.3 percent, Inpex - 11 percent, AzACG - 11.6 percent, Statoil - 8.6 percent, Exxon - 8 percent, TPAO - 6.8 percent, Itocu - 4.3 percent and ONGC - 2.7 percent.

Azerbaijan produced over 9,464 million tons of crude oil (including gas condensate) and about 6,955 billion cubic meters of natural gas in the first quarter of 2017.

The State Statistic Committee figures suggest that the first quarter saw oil production fall 9.9 per cent, while gas production rose 0.9 per cent in the country.

The country plans to produce more gas and less oil in 2017 by 0.8 percent up to 29.561 bcm


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