Oil Production Reduced

The US Energy Information Administration (EIA) predicts a further decline in oil production in Azerbaijan - if last year it averaged 890 thousand, this year it is expected to be 870,000 and in 2017 - 860 thousand barrels per day.

According to the forecast published in the January short-term energy market review, from January to July 1, oil production will amount to 880 thousand and before the end of the year it will be 870,000 barrels per day.

Recall, the bulk of Azeri Light oil with a sulfur content of 0.15% is extracted from the block of offshore fields Azeri-Chirag-Guneshli (ACG).

The Contract of the Century on ACG was signed in 1994 with the primary equity participation of the operator BP at 35.78%.

According to BP, the proven oil reserves in Azerbaijan in January of last year amounted to 7 billion barrels. --17D-

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