BAKU, Azerbaijan, May 11. Shah Deniz and Absheron fields will drive liquids output in Azerbaijan in 2023, Trend reports with reference to OPEC.
The cartel notes that Azerbaijan's liquids production decreased slightly by 14 tb/d m-o-m in March, averaging 0.7 mb/d, which is a drop of 62 tb/d y-o-y.
“Crude production averaged 515 tb/d, with NGLs output at 150 tb/d, according to official sources. For 2022, liquids supply in Azerbaijan is estimated to have declined y-o-y by 40 tb/d to average 0.7 mb/d. Azerbaijan's liquids supply for 2023 is forecast to rise by 37 tb/d to average 0.7 mb/d,” reads the latest OPEC report.
The cartel says this is a downward revision of a minor 11 tb/d, due to lower-than-expected production in major oil fields in 1Q23.
“The main declines in legacy fields are expected to be offset by ramp-ups in other fields. Growth is forecast to come mainly from the Shah Deniz and Absheron gas condensate projects. The Azeri-Chirag-Guneshli (ACG) oil fields have seen a steady decline since 2010. However, production is expected to rise after the start-up of the Azeri Central East flank project in 4Q23, operated by oil major bp,” reads the report.