OPEC raises average daily production outlook for Azerbaijan

The Organization of the Petroleum Exporting Countries (OPEC) has increased its forecast for the production of average oil and other liquid hydrocarbons in Azerbaijan for 2022 by 80,000 b/d, Report informs, citing OPEC.

In 2022, Azerbaijan's production of liquid hydrocarbons is projected at 800,000 b/d, 56,000 b/d more than previously expected.

According to OPEC, the average daily production of oil and other liquid hydrocarbons in Azerbaijan in 2021 increased by 10,000 b/d to 700,000 b/d.

Azerbaijan’s liquids production in April decreased by 4,000 b/d month-on-month (m-o-m) to average 700,000 b/d, up by 20,000 b/d y-o-y. Crude production inched up by 3,000 b/d m-o-m to average 583,000 b/d. At the same time, crude oil production from the Azeri-Chirag-Gunishli (ACG) field block averaged 148,000 b/d.

No new project is expected to come online in 2022 and the main decline in the offshore ACG crude and other legacy fields is expected to be offset by ramp-ups in other fields, such as Shah Deniz Phase 2 and the Absheron condensate project.