OPEC lowers 2023 liquid hydrocarbon production forecast for Azerbaijan

The supply of liquid hydrocarbons in Azerbaijan is projected to increase by 55,000 barrels per day in 2023 to an average of 800,000 barrels per day, Report informs referring to the February review of the Organization of Petroleum Exporting Countries (OPEC).

This figure was revised down by a slight 5,000 barrels per day due to lower-than-expected production from major oil fields in January. It is estimated that the decline in old fields will be offset by increasing production at other fields.

Growth will be ensured by the Shah Deniz and Absheron gas condensate projects. Production could rise even more after crude oil production begins in the fourth quarter of 2023 under the Central East Azeri project.

The production of liquid hydrocarbons in Azerbaijan in January slightly decreased by 8,000 barrels per day, averaging 700,000 barrels per day, although on an annualized basis this decline was by 41,000 barrels per day. According to official figures, crude oil production averaged 541,000 barrels per day, while production at the Shah Deniz field averaged 150,000 barrels per day.