BAKU, Azerbaijan, September 12. Azerbaijan's liquid supply in 2023 indicate no change, holding at an average of 0.7 mb/d, albeit with a downward revision of 10,000 b/d due to lower-than-expected production from major oil fields in July.
According to the latest data received by Trend from OPEC, anticipated declines in established reservoirs, such as the Azeri-Chirag-Guneshli (ACG) oil fields, are expected to be offset by increased production in other fields throughout the year.
Notably, OPEC reminded that TotalEnergies commenced gas production from the inaugural phase of the Absheron project in Azerbaijan's Caspian Sea sector in July.
In July, Azerbaijan's liquid production remained relatively steady on a month-to-month basis, averaging 0.6 mb/d, marking a year-on-year decrease of 46,000 b/d, according to official sources. Crude production averaged 501,000 b/d, accompanied by natural gas liquids (NGL) output at 142,000 b/d, the report said.
Looking ahead to 2024, OPEC forecasts a reduction of approximately 20,000 b/d in Azerbaijan's liquid supply, averaging 0.7 mb/d. This decline is expected to be partially counteracted by growth stemming from projects like Shah Deniz, Absheron, and Umid-Babek gas condensate projects.
Moreover, production in Azerbaijan's ACG oil fields is slated to receive a boost next year with the introduction of a seventh ACG platform. However, the overall decline rate is projected to exceed planned production increases, OPEC added.