BAKU, Azerbaijan, October 12. The US Energy Information Administration (EIA) has revealed its forecasts for oil production in Azerbaijan, Trend reports.
Thus, according to the agency's estimations, the country's oil output in 2023 is expected to stand at 0.63 mb/d.
As such, the EIA estimates Azerbaijan's oil production in 1Q2023 to have stood at 0.65 mb/d. In 2Q2023 and 3Q2023 the country saw a slight drop in output - to 0.62 mb/d and 0.63 mb/d, respectively. The agency projects the country's oil output at 0.63 mb/d in 4Q2023.
The EIA forecasts the country's output next year to grow slightly to 0.64 mb/d. On a quarterly basis, Azerbaijan's oil production levels are projected to remain relatively stable - at 0.64 mb/d in 1Q2024, at 0.63 mb/d in 2Q2024, at 0.64 mb/d in 3Q2024, at 0.65 mb/d in 4Q2024.
Meanwhile, in January-August 2023, Azerbaijan produced 20.3 million tons of oil (including condensate). Oil production at Azeri-Chirag-Gunashli amounted to 12.1 million tons, while at the Shah Deniz field - 2.9 million tons (condensate), and at the Absheron field - 90,000 tons (condensate). SOCAR oil production (including condensate) amounted to 5.2 million tons.
During the reporting period, 17 million tons of oil (including condensate) were export from Azerbaijan. Of these, 15 million tons accounted for the consortium, and 2 million tons - for SOCAR.