OPEC names drivers of Azerbaijan’s liquids supply growth in 2023

Oil&Gas Materials 14 February 2023 17:57 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, Feb.14. Azerbaijan's liquids supply for 2023 is forecast to rise by 60 tb/d to average 0.8 mb/d, Trend reports via OPEC.

The cartel believes that the growth is forecast to come from the Shah Deniz and Absheron condensate projects.

“Production could rise further after crude output starts up at the Azeri Central East flank project in 2023,” says OPEC.

The cartel estimates that Azerbaijan's liquids production in December remained unchanged m-o-m, averaging 0.7 mb/d, although this is a drop of 8 tb/d y-o-y.

“Crude production averaged 550 tb/d, with NGLs output at 140 tb/d, according to official sources. For 2022, liquids supply in Azerbaijan is estimated to decline y-o-y by 42 tb/d to average 0.7 mb/d. This is a downward revision of a minor 8 tb/d, due to lower-than-expected production in major oil fields in December. The main declines in legacy fields are estimated to be offset by ramp-ups in other fields, such as the BP-led consortium’s Shah Deniz gas condensate field,” reads the report.

Azerbaijan’s total crude oil and oil products’ exports stood at around 26.024 million tons worth almost $19.484 billion in 2022, according to the energy ministry's data.