The confirmed oil reserves in Azerbaijan at the end of 2020 are estimated at 1 billion tons (7 billion barrels), and Azerbaijan’s share in the volume of world proven oil reserves is 0.4%, the review of the British oil and gas company BP.
For the end of 2019, the country’s oil reserves were also estimated at 1 billion tons.
An interesting fact is that since 2002 BP has not changed the statistics of oil reserves in Azerbaijan.
According to the assessment of oil reserves over the past 30 years, there are only three indicators, BP experts state. In 1991-1993, BP estimated Azerbaijan’s oil reserves at 1.3 billion barrels, in 1994-2001 – 1.2 billion barrels, and since 2002, 7 billion barrels.
Based on the data of BP itself, 701.7 million tons or about 5.2 billion barrels of oil (together with condensate) were extracted from the depths of Azerbaijan in 2002-2020.
It should be noted that after 2002, three fields with reserves of liquid hydrocarbons were discovered in Azerbaijan: Umid (2010, 30 million tons of condensate), Absheron (2011, 45 million tons of condensate) and Karabakh (2020, about 60 million tons of oil).
Based on these data, it can be concluded that it is simply not interesting for BP to calculate even approximate data on Azerbaijan’s oil reserves. Although the company indicated in its report that the average daily production of oil with condensate in Azerbaijan last year amounted to 702 thousand bpd and for the year the decline in the production of liquid hydrocarbons was 7.9%.