OPEC leaves forecast on Azerbaijan's liquid hydrocarbon production for 2024-2025 unchanged

Azerbaijan’s liquids supply for 2024 is forecast to rise by about 20 tb/d to an average of 0.7 mb/d.

Report informs, citing the February report of the Organization of the Petroleum Exporting Countries (OPEC), that growth is forecast to come partly from the Shah Deniz, Absheron, and Umid-Babek gas condensate projects. Production in Azerbaijan’s ACG oil fields should also get a boost this year due to a seventh ACG platform.

Liquids supply in Azerbaijan is forecast to increase slightly by about 10 tb/d to average 0.7 mb/d in 2025. Production increases in several projects like ACG and Umid-Babek are expected to largely offset declines from other mature fields.

Azerbaijan’s liquids supply for 2023 is estimated to drop by about 60 tb/d to an average of 0.6 mb/d. This is a downward revision of about 15 tb/d stemming from lower-than-expected production at major oil fields in December. The majority of declines in legacy reservoirs, like the Azeri-Chirag-Guneshli (ACG) oil fields, were estimated to offset ramp-ups in other fields last year.

Azerbaijan’s liquids production in December fell by 14 tb/d, m-o-m, averaging 0.6 mb/d, which is a drop of 94 tb/d, y-o-y. Crude production averaged 482 tb/d, with NGL output at 122 tb/d, according to official sources.