BAKU, Azerbaijan, April 13. Azerbaijan's liquids supply for 2023 is forecast to rise by 48,000 b/d to average 0.7 mb/d, Trend reports via monthly oil outlook from OPEC.
According to the report, the forecast has been downgraded from previously estimated growth of 55,000 b/d. This is due to lower-than-expected production in major oil fields in February.
"The main declines in legacy fields are expected to be offset by ramp-ups in other fields. Growth is forecast to mainly come from the Shah Deniz and Absheron gas condensate projects," the report noted.
At the same time, as OPEC said, the output from the Azeri-Chirag-Guneshli (ACG) has decreased steadily from a peak of 820,000 b/d in 2010. Although, the production is expected to rise after the start-up of the Azeri Central East (ACE) flank project in 4Q23.
Meanwhile, Azerbaijan's liquids output in 2022 is estimated to have declined by 40,000 b/d year-on-year to average 0.7 mb/d.
"Azerbaijan's liquids production in February increased slightly by 6,000 b/d month-on-month, averaging 0.7 mb/d, which is a drop of 32,000 b/d year-on-year. Crude production averaged 537,000 b/d, with NGLs output at 150,000 b/d, according to official sources," the report added.