BAKU, Azerbaijan, July 15. The forecast for
Azerbaijan’s liquids supply in 2023 predicts a slight increase of
22,000 b/d, resulting in an average of 0.7 mb/d, Trend reports.
According to the data received from OPEC, this revision is a
minor downward adjustment of 7 tb/d, attributed to
lower-than-expected production from major oil fields in May.
In May, Azerbaijan’s liquids production remained relatively
stable compared to the previous month, averaging 0.7 mb/d, which
represents a year-on-year decrease of 65,000 b/d. Official sources
indicate that crude production averaged 511,000 b/d, while NGLs
output reached 145,000 b/d.
As OPEC noted, although legacy reservoirs such as the
Azeri-Chirag-Gunashli (ACG) oil fields are anticipated to decline,
the ramp-up in production from other fields throughout the year is
expected to offset these declines.
Meanwhile, Azerbaijan’s oil-condensate production from January
through June 2023 amounted to 15.2 million tons, while exports
totaled 12.7 million tons.