OPEC improves forecast for liquid hydrocarbon production in Azerbaijan in 2024

The production of liquid hydrocarbons in Azerbaijan in 2024 will decrease by approximately 10,000 barrels per day and will average 700,000 barrels per day, according to the October report of the Organization of Petroleum Exporting Countries (OPEC), Report informs.

According to forecasts, growth will be partially achieved through the Shah Deniz, Absheron and Umid-Babek gas condensate projects.

“Production from the Azeri-Chirag-Gunashli (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 will be higher than the planned growth,” the report says.

The September report projected a decline in liquid hydrocarbon supply next year at 20,000 barrels per day.

According to the new report, the supply of liquid hydrocarbons in Azerbaijan in 2023 will remain unchanged, averaging 700,000 barrels per day.

This figure was revised down by 10,000 barrels per day due to lower than expected production from major oil fields in August. Depletion of reserves from older fields, such as the ACG oil fields, is expected to be offset by increased production from other fields this year.

Production of liquid hydrocarbons in Azerbaijan in August remained generally stable compared to the previous month, averaging 600,000 barrels per day, which is 30,000 barrels per day less than in the same period last year.

According to official sources, crude oil production averaged 497,000 barrels per day, while production at the Shah Deniz field averaged 138,000 barrels per day.