Next year, oil production at ACG will decrease by 23.5 million barrels

The average annual oil production at the Azeri-Chirag-Guneshli (ACG) block of fields in 2023-2026 is projected at about 124.4 million barrels, the conclusion of the Accounts Chamber on the draft budget of the State Oil Fund of Azerbaijan (SOFAR) for 2023.

According to forecasts, production at ACG in 2023 will be 129.6 million barrels (17.5 million tons), 125 million barrels in 2024, 121 million barrels in 2025, and 122 million barrels in 2026.

In 2022, ACG production is expected to reach 153.1 million barrels (20.8 million tons).

It should be noted that oil production at the block of ACG fields in January-September 2022 amounted to about 114 million barrels (15.3 million tons), which is 9.5% lower than in the first 9 months of 2021.

In 2021, ACG oil production amounted to 167 million barrels (22.8 million tons).

Based on the forecasts of the Accounts Chamber of the Azerbaijan Republic, a decrease in oil production at the ACG by 27% is expected over five years. However, the rate of decline in production will be excessively high next year – 15.3% or more than 3 million tons.

Caspian Barrel