Azerbaijan’s oil production will average 0.86 million barrels per day in 2015, according to OPEC Monthly Oil Market Report published on September 14.

This figure is revised down by 10,000 barrels per day from the previous month’s predictions.

On a quarterly basis, Azerbaijan’s oil production is seen to average 0.89 million barrels per day, 0.85 million barrels per day, 0.85 million barrels per day and 0.85 million barrels per day respectively.

OPEC predicts Azerbaijan’s oil production at an average 0.8 million barrels per day over 2016.

The main volume of oil produced in Azerbaijan falls on Azeri-Chirag-Guneshli offshore fields block. This block produces Azeri Light oil with a sulfur content of 0.15 percent (35 degrees API).

The contract for the development of Azeri-Chirag-Guneshli large offshore field in the Azerbaijani sector of the Caspian Sea, with proven oil reserve of nearly 1 billion metric tons, was signed in 1994.

Shares in the contract for development of Azeri-Chirag-Guneshli block of fields are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) – 35.78 percent, Chevron – 11.27 percent, Inpex – 10.96 percent, AzACG – 11.65 percent, Statoil – 8.56 percent, Exxon – 8 percent, TPAO – 6.75 percent, Itochu – 4.3 percent and ONGC – 2.72 percent.

BP and its partners produced 16 million metric tons (116 million barrels) during the first half of 2015 on ACG block, which is the same as in the first half of 2014, said the report on the results of BP’s operations in Azerbaijan for January-June of 2015.

The report said that average daily oil production in the ACG for the period amounted to 641,000 barrels.

In 2014, British BP and partners extracted 31.5 million metric tons of oil (233 million barrels) against 32.2 million metric tons of oil (239 million barrels), extracted in 2013 on a block of Azerbaijani oil and gas fields Azeri-Chirag-Guneshli.