BAKU, Azerbaijan, Dec.14. Azerbaijan's liquids supply for 2023 is forecast to rise by 59 tb/d to average 0.8 mb/d, according to the voluntary production adjustments agreed on at the 33rd OPEC and non-OPEC Ministerial Meeting, Trend reports with reference to OPEC.
“Growth is forecast to come from the Shah Deniz and Absheron condensate projects. Production could rise further after output starts up at the Azeri Central East project in 2023,” reads a report released by OPEC.
Azerbaijan’s giant Shah Deniz field’s gas production as of 2022 is forecast at 24 billion cubic meters, before reaching to 25.4 billion cubic meters in 2023, according to the Chamber of Accounts. Reportedly, the field produced 22.62 billion cubic meters in 2021.
The field’s condensate production is forecast at 33.8 million barrels in 2022 and 36.4 million barrels in 2023, compared to 34.08 million barrels in 2021.
At the 34th OPEC+ Ministerial Meeting held online, Azerbaijan also agreed to keep the decision taken in October 2022 in force.
As such, the obligations of the countries participating in the "Declaration of Cooperation", defined in relation to their quotas in August of this year, remain unchanged. Azerbaijan's commitment to cut is 33,000 bpd and its daily crude oil production quota is 684,000 bpd.