In 2022, the supply of liquid hydrocarbons in Azerbaijan will decrease by 27,000 barrels per day compared to last year and will average 700,000 barrels per day, Report informs referring to the Organization of the Petroleum Exporting Countries (OPEC).
This figure was revised down by 21,000 barrels per day due to a downward revision in the third quarter and lower-than-expected production from major oil fields in the fourth quarter of 2022.
The production of liquid hydrocarbons in Azerbaijan in October increased on a monthly basis by an insignificant 7,000 barrels per day and averaged 700,000 barrels per day, although compared to the same period last year, this figure decreased by 50,000 barrels per day.
According to official figures, crude oil production averaged 551,000 bpd, while Shah Deniz averaged 134,000 bpd.
It is expected that the main decline in old fields will be offset by an increase in production at other fields, such as the Shah Deniz field, where a consortium under the BP operator increased gas production in the Azerbaijani sector of the Caspian Sea, the report says.
Azerbaijan’s liquids supply in 2023 is projected to increase by 59,000 bpd to an average of 800,000 bpd, according to voluntary production adjustments agreed at the 33rd OPEC and non-OPEC ministerial meeting. It is predicted that growth will be ensured by the Shah Deniz and Absheron gas condensate projects. According to OPEC, production may increase even more after the Central East Azeri project is launched in 2023.
It is predicted that growth will be ensured by the Shah Deniz and Absheron gas condensate projects, as well as the Azeri Central-East project, OPEC notes.