OPEC lowers liquid hydrocarbon production forecast in Azerbaijan in 2023

Azerbaijan’s liquids supply for 2023 is forecast to rise by 37,000 barrels to average 700,000 barrels per day, Report informs referring to OPEC Monthly Oil Market Report for May.

“This is a downward revision of a minor 11 tb/d, due to lower-than-expected production in major oil fields in 1Q23. The main declines in legacy fields are expected to be offset by ramp-ups in other fields.

Growth is forecast to come mainly from the Shah Deniz and Absheron gas condensate projects. The Azeri-Chirag-Guneshli (ACG) oil fields have seen a steady decline since 2010. However, production is expected to rise after the start-up of the Azeri Central East flank project in 4Q23, operated by oil major BP,” reads the report.

“Azerbaijan’s liquids production decreased slightly by 14 tb/d m-o-m in March, averaging 0.7 mb/d, which is a drop of 62 tb/d y-o-y. Crude production averaged 515 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.”