BAKU, Azerbaijan, September 13. Liquids supply in Azerbaijan for 2022 is forecast to grow by 24,000 barrels per day year-on-year to average 0.8 million barrels per day, Trend reports citing OPEC.
According to the report, this figure is down by 15,000 barrels per day, due to “lower-than-expected production in major oil fields in July and a downward revision for the second quarter of 2022”.
“Azerbaijan’s liquids production in July rose by 26,000 barrels per day month-on-month to average 0.7 million barrels per day, and was down by 34,000 barrels per day year-on-year. Crude oil production decreased by 26,000 barrels per day month-on-month to average 550,000 barrels per day, while NGLs output averaged 150,000 barrels per day, according to official sources,” the report said.
At the same time, no new projects are expected to be launched in 2022, although the main decline in the inherited fields is expected to be offset by an increase in production from other fields such as Phase 2 “Shahdeniz” and “Absheron”.
As OPEC forecasts, Azerbaijan’s liquids supply in 2023 is expected to decrease by 60,000 barrels per day to average 0.7 million barrels per day.
“The overall decline rate will be higher than planned ramp-ups in the three major producing fields,” the report noted.
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