OPEC lowers its forecast for liquid hydrocarbon production in Azerbaijan in 2023

The production of liquid hydrocarbons in Azerbaijan in 2023 will decrease by approximately 20,000 barrels per day and amount to an average of 700,000 barrels per day, Report informs referring to the November report of the Organization of Petroleum Exporting Countries (OPEC).

This figure was revised downward by 8,000 barrels per day due to lower than expected production from large oil fields in September.

Depletion of reserves from old fields such as the Azeri-Chirag-Gunashli (ACG) oil fields is expected to be offset by increased production from other fields this year.

Production of liquid hydrocarbons in Azerbaijan in September increased by a slight 6,000 barrels per day compared to the previous month, averaging 600,000 barrels per day, which is 41,000 barrels per day less than in the same period last year.

According to official sources, crude oil production averaged 504,000 barrels per day, while production at the Shah Deniz field averaged 139,000 barrels per day.

According to forecasts, the production of liquid hydrocarbons in Azerbaijan in 2024 will remain generally at a stable level, averaging 700,000 barrels per day. According to forecasts, the growth will be partially achieved through the Shah Deniz, Absheron and Umid-Babek gas condensate projects. Production from the ACG oil fields in Azerbaijan should also receive a boost next year with the arrival of the seventh ACG platform. However, the overall rate of decline is expected to offset the planned increase, OPEC noted.