OPEC renews liquid hydrocarbons production forecast in Azerbaijan in 2023

Azerbaijan’s liquids supply for 2023 is forecast to rise by 48,000 barrels per day to average 700,000 barrels per day, Report informs referring to the April report of the OPEC.

This is a downward revision of a minor 7,000 barrels per day, due to lower-than-expected production in major oil fields in February.

The main declines in legacy fields are expected to be offset by ramp-ups in other fields.

“Growth is forecast to mainly come from the Shah Deniz and Absheron gas condensate projects. Azeri-Chirag-Guneshli (ACG) oil fields output has declined steadily from a peak of 820 tb/d in 2010. However, production is expected to rise after the start-up of the Azeri Central East flank project in 4Q23,” reads the report.

“Azerbaijan’s liquids production in February increased slightly by 6 tb/d m-o-m, averaging 0.7 mb/d, which is a drop of 32 tb/d y-o-y. Crude production averaged 537 tb/d, with NGLs output at 150 tb/d, according to official sources.

For 2022, liquids supply in Azerbaijan is estimated to have declined y-o-y by 40 tb/d to average 0.7 mb/d.”