Azerbaijan Oil and Gas Market Report Q2 2013

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Azerbaijan Oil and Gas Report Q2 2013 Feb 13th 2013, 00:00 BMI View: Azerbaijan''s oil industry remains hampered by problematic output at the ACG fields, whichaccount for the majority of production. We forecast that 2013 production will fall to 835,400 barrels perday (b/d) from an estimated 870,000b/d in 2012. Although improvement at the BP-led ACG superfield couldsee some increase to this number, we do not expect significant recovery in Azeri volumes until the COPproject comes online from 2015. We are holding on to our bullish on gas production volumes, which wepredict will rise to 18.1bcm in 2013 and continue to rise throughout our 10-year forecast period, arriving at35.8bcm in 2022. However, reports of rapidly rising costs...

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