Oil production in Azerbaijan will start falling by 2.5% a year
Edited by Rhod Mackenzie / 2014-10-29 03:09:18
Azerbaijan Azeri-Chirag-Gyuneshli Oil and Gas Azerbaijan Oil and Gas Baku-Tbilisi-Ceyhan BP Oil Pipelines Production and Refining SOCAR
Oil production in Azerbaijan can start falling by 2.5% a year from 2015 due to the fall in production at the deposits managed by BP, a source close to the Azeri Government told Reuters.
In 2015, production can reduce to 40.62 million tons compared to 41.65 million tons expected in 2014. A slight growth to 40.77 million tons is expected in 2016 but production will fall again to 39.42 in 2017, and the tendency will further on in 2018.
The fall in production at the major block of Azeri-Chirag-Gyuneshli is the reason for anxiety of the Azeri authorities for the several latest years. BP and SOCAR have been trying to solve the problem and to stabilize production.
