BAKU, Azerbaijan, December 13. The forecast for Azerbaijan's liquids supply in 2023 indicates a decrease of approximately 30,000 b/d, averaging 0.7 mb/d, Trend reports.
This marks a downward revision of around 13,000 b/d, compared to the previous estimation from OPEC, due to lower-than-expected production at major oil fields in October.
According to OPEC, Azerbaijan's liquids production held relatively steady in October, month-on-month, averaging 0.6 mb/d, representing a year-on-year drop of 69,000 b/d. Crude production averaged 489,000 b/d, while NGL output stood at 137,000 b/d.
The bloc pointed out that, although declines are expected in legacy reservoirs like the Azeri-Chirag-Guneshli (ACG) oil fields, the shortfall is projected to be largely offset by ramp-ups in other fields throughout the year.
Looking ahead to 2024, Azerbaijan's liquids supply is anticipated to remain relatively stable at an average of 0.7 mb/d, OPEC forecasts.
Anticipated growth is attributed in part to the Shah Deniz, Absheron, and Umid-Babek gas condensate projects. The addition of a seventh ACG platform is expected to boost production in Azerbaijan's ACG oil fields. However, as the forecast pointed out, the overall decline is projected to offset the planned ramp-ups.