BP reveals volume of Azerbaijan’s proven oil reserves

BP reveals volume of Azerbaijan’s proven oil reserves
# 11 June 2016 10:14 (UTC +04:00)

The country produced 1 percent of the world’s total oil production in 2014 – 841 thousand barrels a day which is 1 percent less than its output in 2014, said the report.

In the meantime, the country holds 0.6 percent of the world’s total proved gas reserves and produced 0.5 percent of the world’s total gas production in 2015- 18.2 billion cubic meters which is 3.4 percent increase compared to 17.6 billion cubic meters extracted in 2014.

According to the report, Kazakhstan's proven oil reserve as of early 2016 stood at 30 billion barrels, or 1.8 percent of the world's proven hydrocarbon reserve, according to the BP Statistical Review of World Energy.

The oil and condensate production in Kazakhstan stood at 79.46 million tons in 2015, or 1.7 percent less than in 2014, according to the country's statistical committee.

The country plans to produce 74 million tons of oil in 2016.

According to the report, proven oil reserves in Russia, Uzbekistan and Turkmenis, reached 102.4 billion and o.6 billion barrels, respectively.

The proven oil reserves in Venezuela (300.9 billion barrels) are recognized as the largest in the world. This country is followed by Saudi Arabia (266.6 billion) and Canada (172.2) billion.

The proven oil reserves in Iran, Iraq and Kuwait are estimated at 157.8 billion, 143.1 billion and 101.5 billion barrels, respectively.

The US proven oil reserves stood at 55 billion barrels, while those of China at 18.5 billion barrels.

At the same time, the US (12.704 million barrels per day), Russia (10.980 million barrels per day) and Saudi Arabia (12.014 million barrels per day) are the largest oil producers. It is reported that Russia increased its production by 1.2%, the US - 8.5%, and Saudi Arabia - by 4.6%.

Iran’s oil production per day accounted to 403,000 barrels (+22.5), Turkmenistan – 261,000 barrels (+ 5%), Uzbekistan – 403,000 barrels (-3.1%), Tunisia – 63,000 (-14.1%), Yemen – 47,000 barrels (-67.8%).