BP keeps Azerbaijan’s proved oil reserve estimates unchanged

Azerbaijan’s proved oil reserves stood at 7 billion barrels at end 2016, or 0.4 percent of the world proved oil reserves, according to the BP Statistical Review of World Energy.

The estimates of the volume of proved oil reserves in the country remained unchanged from last year's BP report.

Oil production in Azerbaijan stood at 826,000 barrels per day, or 1.6 percent less than in 2015, according to the report.

This is while oil consumption in the country stood at 99,000 barrels per day, or 2.2 percent less than in 2015, said BP.

BP is the operator of development of the Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea. The contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.

The shareholders of the project are: BP - 35.8 percent, Chevron - 11.3 percent, Inpex - 11 percent, AzACG - 11.6 percent, Statoil - 8.6 percent, Exxon - 8 percent, TPAO - 6.8 percent, Itocu - 4.3 percent and ONGC - 2.7 percent. (Trend.az)