OPEC upgrades forecast for production of liquid hydrocarbons in Azerbaijan in 2023

In 2022, the supply of liquid hydrocarbons in Azerbaijan will decrease by 34,000 barrels per day compared to 2021, and will average 700,000 barrels per day, Report informs referring to the Organization of Petroleum Exporting Countries (OPEC).

This is a downward revision by a minor 7 tb/d due to lower-than-expected production in major oil fields in November.

“Azerbaijan's liquids production in November remained unchanged m-o-m, averaging 0.7 mb/d, although this is a drop of 46 tb/d y-o-y. Crude production averaged 553 tb/d, with NGLs output at 140 tb/d, according to official sources,” OPEC notes.

“The main declines in legacy fields are expected to be offset by ramp-ups in other fields, such as the BP-led consortium’s Shah Deniz gas condensate field, which has increased gas production capacity in the Azeri sector of the Caspian Sea. Azerbaijan's liquids supply for 2023 is forecast to rise by 60 tb/d to average 0.8 mb/d, according to voluntary production adjustments agreed on at the 33rd OPEC and non-OPEC Ministerial Meeting. Growth is forecast to come from the Shah Deniz and Absheron condensate projects. Production could rise further after output OPEC, production may increase even more after the Central East Azeri project is launched in 2023,” reads the report.