BAKU, Azerbaijan, Jan.17. Azerbaijan's liquids supply for 2023 is forecast to rise by 60,000 barrels per day (b/d) to average 0.8 million b/d, Trend reports with reference to OPEC’s January Oil Market Report.
“Azerbaijan's liquids supply for 2023 is forecast to rise by 60 tb/d to average 0.8 mb/d, according to voluntary production adjustments agreed on at the 33rd OPEC and non-OPEC Ministerial Meeting,” reads the report.
OPEC notes that 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 flank project in 2023,” the report says.
The cartel estimates that Azerbaijan's liquids production in November remained unchanged m-o-m, averaging 0.7 mb/d, although this is a drop of 46 tb/d y-o-y.
“Crude production averaged 553 tb/d, with NGLs output at 140 tb/d, according to official sources. For 2022, the liquids supply in Azerbaijan is estimated to decline y-o-y by 34 tb/d to average 0.7 mb/d. This is a downward revision by a minor 7 tb/d due to lower-than-expected production in major oil fields in November. The main declines in legacy fields are expected to be offset by ramp-ups in other fields, such as the BP-led consortium’s Shah Deniz gas condensate field, which has increased gas production capacity in the Azeri sector of the Caspian Sea,” reads the report.