In 2022, the supply of liquid hydrocarbons in Azerbaijan is projected to increase by 39,000 barrels per day compared to the previous year and will average 0.8 million barrels per day, Report informs referring to the Organization of the Petroleum Exporting Countries (OPEC).
This forecast is 8,000 barrels per day lower due to lower than expected production from major oil fields in the second quarter of 2022.
The supply of liquid hydrocarbons in Azerbaijan in 2023 is projected to decrease by 60,000 barrels per day, an average of 0.7 million barrels per day. The overall rate of decline will be faster than the planned growth in the three main producing fields, OPEC said.
The production of liquid hydrocarbons in Azerbaijan in June decreased by 7,000 barrels per day on a monthly basis to an average of 0.7 million barrels per day and decreased by 27,000 barrels per day on an annualized basis.
According to official sources, crude oil production decreased by 9,000 barrels per day compared to the previous month, averaging 0.562 million barrels per day, while production at the Shah Deniz field averaged 150,000 barrels per day, the report says.
According to OPEC, no new projects are expected to be launched in the country in 2022, and it is expected that the main decline in old fields will be offset by an increase in production at other fields, such as Shah Deniz-2.