Azerbaijan's oil production to increase by 60,000 barrels
Qabil Ashirov
Read moreOil production in Azerbaijan will increase by 60,000 barrels amounting to 0.8m barrels per day, Azernews reports, citing the OPEC Monthly Oil Market Report for February.
According to OPEC, the growth will be due to Shah Deniz and Absheron condensate projects.
However, the report says that the growth in production could rise further after crude output starts up at the Azeri Central East flank project in 2023.
According to the cartel's estimates, Azerbaijan’s liquid production in December 2022 remained unchanged month-on-month, averaging 7,000 barrels per day, which is 8,000 barrels less per day compared to the same period of last year. The report noted that crude production averaged 550,000 barrels per day, citing official sources.
“For 2022, liquids supply in Azerbaijan is estimated to decline year-on-year by 42,000 barrels and to average 0.7m barrels per day. This is a downward revision of a minor 8,000 barrels daily, due to lower-than-expected production in major oil fields in December. The main declines in legacy fields are estimated to be offset by ramp-ups in other fields, such as the BP-led consortium’s Shah Deniz gas condensate field,” the report says.
According to Azerbaijan’s Energy Ministry, the oil production of Azerbaijan totaled 652,000 barrels per day of which 533,000 barrels of crude oil, and 119,000 barrels of condensate.
The ministry noted that within the framework of "OPEC plus" cooperation, Azerbaijan's obligation to cut is 33,000 barrels a day, and its daily crude oil production quota is 684,000 barrels.
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