BAKU, Azerbaijan, December 7. International rating agency S&P Global Ratings has projected that Azerbaijan’s oil production (including natural gas condensate) will average 0.58 million barrels per day until 2027, Trend reports via the agency.
"Azerbaijan's oil production, inclusive of natural gas
condensate, is projected to average 0.58 million barrels per day
(mb/d) through 2027. Production has steadily decreased in recent
years, falling from 0.79 mb/d in 2019 to 0.65 mb/d in 2023,
attributed to the aging of significant oil fields like
"Azeri-Chirag-Guneshli." We project that the average production
rate for this year will be 0.58 mb/d, with anticipated
stabilization in the subsequent years.
The current reduction in output in specific fields will be
counterbalanced by modest expansions in production capacity in
others. Foreign oil corporations operating in Azerbaijan are
expected to increase investments to mitigate the decline.
Nonetheless, production is anticipated to persistently decline in
the long term," the agency noted.
S&P Global Ratings is an American credit rating firm and a subsidiary of S&P Global that disseminates financial research and analysis on equities, fixed-income securities, and commodities. The organization, functioning as a credit rating agency, assigns credit ratings to the debt of both public and private entities, as well as to public debtors, including governments, governmental agencies, and municipalities.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel
