Azeri crude oil output in June increased by 21,000 barrels per day to average 0.78 million barrels per day, following a decline of 57,000 barrels per day in May, which was a result of maintenance at the West Chirag platform that began on May 21 and lasted through June 6.
The total oil production (crude+NGLs) was pegged at 0.86 million barrels per day in May.
On a quarterly basis, Azerbaijan’s oil output is estimated to average 0.85, 0.87, 0.86 and 0.79 million barrels per day, respectively.
Meanwhile OPEC predicts decrease in oil production in Azerbaijan in 2016. Oil production in Azerbaijan will reach 0.8 million barrels per day in every quarter of 2016.
The main volume of oil produced in Azerbaijan falls on the Azeri-Chirag-Guneshli block of offshore fields. Light Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API) is produced at this area.
The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons.
The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.
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