BAKU, Azerbaijan, August 10. The projected liquids supply for Azerbaijan in 2023 is anticipated to increase by 11,000 b/d, reaching an average of 0.7 mb/d, Trend reports.
According to the data received from OPEC, Azerbaijan's liquids production in June remained relatively steady compared to the previous month, averaging 0.6 mb/d, reflecting a year-on-year decrease of 26,000 b/d.
Thus, the bloc's prediction for the current year has been revised downward by 11,000 b/d, compared to the previous month's assessment, due to lower-than-anticipated production from major oil fields in June.
Although there are expected declines in legacy reservoirs like the Azeri-Chirag-Gunashli (ACG) oil fields, increased production from other fields throughout the year should offset these declines, OPEC noted.
Meanwhile, the country's crude production maintained an average of 500,000 b/d, while NGLs (natural gas liquids) output stood at 142,000 b/d, as reported by official sources.
Looking ahead to 2024, OPEC expects Azerbaijan's liquids supply to experience a decline of approximately 30,000 b/d, resulting in an average of 0.7 mb/d.
"Growth is forecast to partly come from the Shah Deniz, Absheron, and Umid-Babek gas condensate projects. Production in Azerbaijan's ACG oil fields should also get a boost next year with a seventh ACG platform. However, the overall decline rate will be higher than the planned ramp-ups," the organization added.