The Organization of the Petroleum Exporting Countries (OPEC) has not changed its assessment of Azerbaijan's proven oil reserves, APA reports.
By the end of 2021, Azerbaijan's proven oil reserves amounted to 7 billion cubic meters. barrels (about 1 billion tons), which is equal to 2020.
According to the bulletin, last year's global proven oil reserves accounted for 1.545 trillion barrels, which decreased by 0.02% compared to the end of 2020.
Notably, the main share of Azerbaijan's proven oil reserves falls on the Azeri-Chirag-Guneshli (ACG) oil and gas block in the Caspian Sea. The ACG project is implemented jointly with foreign companies.