BAKU, Azerbaijan, June 14. No new project is expected to come online in Azerbaijan in 2022 and the main decline in the offshore Azeri-Chirag-Gunashli (ACG) crude and other legacy fields is expected to be offset by ramp-ups in other fields, such as Shah Deniz Phase 2 and the Absheron condensate project, Trend reports with reference to OPEC.
The cartel expects that for 2022, Azerbaijan liquids supply will grow by 56,000 barrels per day for an average of 0.8 million barrels per day.
“Azerbaijan’s liquids production in April rose by a minor 4,000 barrels per day month-on-month to average 0.7 million barrels per day, up by 20,000 barrels per day year-on-year. Crude production increased by 3,000 barrels per day month-on-month to average 583,000 barrels per day. Azerbaijan’s liquids production increased in May 2022 to average 0.8 mb/d, according to preliminary data. For 2021, liquids supply in Azerbaijan is estimated to have grown by 10 tb/d y-o-y to average 0.7 mb/d,” reads the report.
At the 29th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan supported the decision to increase daily oil production by 648,000 barrels in July.
In according to the quotas set for July, the daily crude oil production in Azerbaijan is expected to increase by 10 thousand barrels reaching to 706,000 barrels, and the commitment to reduce to 12,000 barrels.
---
Follow the author on Twitter: @Lyaman_Zeyn