BAKU, Azerbaijan, April 16
By Leman Zeynalova - Trend:
For 2020, due to planned maintenance at the Chirag oil field and Shah Deniz gas-condensate field and considering the agreed voluntary adjustment, Azerbaijan’s production is forecast to decline by 0.09 mb/d to average 0.70 mb/d, Trend reports citing OPEC Monthly Oil Market Report (MOMR)
Azerbaijan’s liquids output in February fell by 0.02 million barrels per day (mb/d) month-on-month to average 0.78 mb/d, lower by 0.05 mb/d y-o-y, said the cartel.
“Crude oil production fell by 11 tb/d to average 0.66 mb/d, while natural gas liquids (NGLs) and condensates also dropped, falling by 8 tb/d to average 0.12 mb/d. For 2019, Azerbaijan’s oil production is estimated to have declined by 0.02 mb/d to average 0.79 mb/d,” reads the report.
The daily oil production amounted to 763,900 barrels in Azerbaijan in March 2020, according to the Azerbaijani Ministry of Energy.
Some 683,700 of that volume accounted for crude oil while 80,200 barrels - for condensate.
Some 418,900 barrels of crude oil, 76,200 barrels of condensate and 15,500 barrels of oil products were exported daily.
Under the recently reached OPEC+ agreement, Azerbaijan’s obligations envisage the reduction of daily crude oil production in May-June by 23 percent – 164,000 barrels, in July-December - by 18 percent – 131,000 barrels, from January 2021 through April 2022 by 14 percent – 98,000 barrels.
In accordance with its obligations, Azerbaijan must maintain daily crude oil production in May-June 2020 at the level of 554,000 barrels, in July-December – 587,000 barrels, from January 2021 through April 2022 – 620,000 barrels.
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