Azerbaijan will increase oil extraction by 40,000 barrels daily in 2011, reaching 1.11 million barrels daily, OPEC forecasts. The current oil extraction rate in the country exceeds forecasts by 25,000 barrels daily, forecast in April, Trend reports.
Raising forecasts is due to exaggeration of extraction at the Azeri-Chirag-Guneshli block.
OPEC said that Azerbaijan increased oil extraction in the first quarter 2011 by 20,000 barrels daily. The organization believes that extraction in the second and third quarters will be at 1.12 million barrels, fourth - 1.14 million barrels.
BP says that Azerbaijan has 7 billion barrels of oil reserves discovered. Extraction rate in 2009 was at 1.033 million barrels daily, exceeding the rate of 2008 by 13.5%.
Most oil comes from the sea field of Azeri-Chirag-Gunsehli. Azeri Light oil contains 0.15% of sulphur (35 degrees in API).
Azeri-Chirag-Guneshli is developed by BP (operator with 37.43% share), Chevron (11.27%), SOCAR (10%), INPEX (10.96%), Statoil (8.56), Exxon (8%), TPAO (6.75%), Itochu (4.3%), Hess (2.72%).
