The Azerbaijan government estimates oil production may decrease in 2015, continuing declines seen this year, Reuters reported. Oil output may be reduced by 2.5 percent in 2015 compared to this year. Oil operator BP cut its oil production estimate for this year at Chirag and Guneshli (ACG) oilfields, citing necessary maintenance work at the Central Azeri and West Azeri platforms.
A source close to the government told Reuters that oil output could reach 40.62 million tons in 2015, down from this year, which is expected to end with 41.65 million tons. The report suggests that production may hit its peak in 2014. While output is expected to increase to 40.77 million tons in 2016, it may experience declines the following two years.
Despite the report that oil production will fall next year, BP said
its oil output increased last year to 43.15 million tons. The company is
also working through its Azerbaijan International Operating Company to
build a pipeline system to deliver natural gas from Shah Deniz gas field
in Azerbaijan to customers in Europe.
(PennEnergy)
