Baku, Azerbaijan, Feb.12
By Leman Zeynalova – Trend:
Azerbaijan’s liquids output decreased by 0.01 million barrels per day ( mb/d) months-on-month to average 0.81 mb/d in December, following a decrease of 12,000 b/d in crude oil production to average 712,000 b/d, OPEC said in its February Monthly Oil Market Report (MOMR).
This is while natural gas liquids (NGL) output in Azerbaijan was up by a minor increase to average 94,000 b/d, said the cartel.
“Azerbaijan oil supply in 2018 was stagnant year-on-year at 0.80 mb/d. Recent growth in condensate produced at the Shah Deniz complex is offsetting continuous declines at the Azeri-Chirag-Gunashli (ACG) complex, Azerbaijan’s largest field,” reads the report.
For 2019, liquids production in Azerbaijan is forecast to remain unchanged compared to last year, representing an annual production at 0.80 mb/d, according to OPEC.
However, the cartel forecasts that a heavy year-on-year decline in the country's production is anticipated due to potential maintenance on two platforms at the ACG complex across 2019 according to BP's plan.
Azerbaijan has submitted data on the country's daily oil production for January 2019 to the Joint Technical Commission (JTC) of the OPEC monitoring committee, as part of the implementation of the Vienna Agreement on production cut.
The daily oil production in Azerbaijan amounted to 793,000 barrels last month, including 720,000 barrels of petroleum, and 73,000 barrels of condensate.
About 598,000 barrels of petroleum, 73,000 barrels of condensate and 16,000 barrels of oil products were exported a day.
The average daily oil production was 792,600 barrels last year.
In particular, Azerbaijan produced an average of 814,600 barrels per day in January 2018, 806,000 barrels in February, 794,000 barrels in March, 785,700 barrels in April, 801,000 barrels in May, 792,000 barrels in June, 773,000 barrels in July, 774,000 barrels in August, 796,000 barrels in September, 783,000 barrels in October, in 801,000 barrels November, and 790,000 barrels in December.
The JTC was established on January 22, 2017 under the monitoring committee, created to monitor the countries' fulfillment of their commitments to cut oil production.
On December 7, 2018, an agreement was reached at the fifth ministerial meeting of the non-OPEC member and non-OPEC countries in Vienna to cut daily oil production by 1.2 million barrels. As part of the agreement, Azerbaijan has reduced daily production by 20,000 barrels since January 1, 2019.
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