Azernews.Az

By Trend

Azerbaijan is expected to produce 0.79 million barrels of petroleum and other liquids per day in 2018, the US Energy Information Administration (EIA) said in its February Short-term Energy Outlook (STEO).

This forecast remains unchanged from EIA’s previous report. However, it has revised up the forecasts for petroleum output in the country for 2019.

EIA estimates that petroleum and other liquids production in Azerbaijan will stand at 0.78 million barrels per day in 2019, as compared to 0.77 million barrels per day forecasted in the previous STEO.

The quarterly production in Azerbaijan for 2018 is forecasted as follows: 0.81 million barrels per day in Q1, 0.80 million barrels per day in Q2, 0.78 million barrels per day in Q3 and 0.77 million barrels per day in Q4.

This is while the country is expected to produce 0.79 million barrels of petroleum and other liquids per day in Q1 and Q2 of 2019 each, 0.77 million barrels per day in Q3 and 0.76 million barrels per day in Q4.

The Azeri-Chirag-Gunashli block of offshore fields is giving the major part of the oil produced in Azerbaijan. The Azerbaijani Light oil is produced at that block.

Azerbaijan’s proven oil reserves stood at 7 billion barrels as of early 2016, according to BP.