Average annual output growth was revised by cartel by 20,000 bpd, compared with the previous month, therefore annual output is expected to decline year-over-year by 20,000 bpd to reach 0.84 million bpd.
The main oil output in Azerbaijan comes from the Azeri-Chirag-Guneshli field. This offshore block produces Azeri Light oil with 0.15 percent sulfur and 35 degrees API.
The contract for the Azeri-Chirag-Guneshli development, with proven reserve of nearly 1 billion tons of oil, was signed in 1994.
Azerbaijan`s proved 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 the State Statistics Committee.
More about:
