BAKU, Azerbaijan, March 4. Azerbaijan's oil and condensate output in 2024 is estimated to be at the level of 2023 and might amount to about 30 million tons, a source familiar with the matter told Trend.
“With the start of the first oil production from the Azeri Central East (ACE) platform of the Azeri-Chirag-Gunashli block in the second quarter of 2024 and the increase in the country's receipt of condensate from the Shah Deniz and Absheron fields in 2024, the total volume of oil this year can reach 30 million tons,” the source emphasized.
To note, 30.19 million tons of oil with condensate were extracted in the country last year (7.5 percent less than in 2022).
Oil production from the ACE platform until 2049 will be capable
of producing up to 300 million tons of oil within the ACG project
(according to SOCAR estimates) and will serve to level out the rate
of decline in oil in the entire ACG block that occurs due to
natural geological reasons.
According to the Azerbaijani government's projections, oil output
may fall short of 29 million tons in 2025, increase to 28 million
tons in 2026, and stabilize by 2027.