Oil production in Azerbaijan (including gas condensate) will average 580,000 barrels per day until 2027, the international rating agency S&P Global Ratings.
“Production has been steadily declining in recent years, falling to 650,000 barrels per day in 2023 from 790,000 barrels per day in 2019 due to the aging of key oil fields, such as Azeri-Chirag-Guneshli. We expect production in 2024 to average 580,000 barrels per day, and there will be some stabilization in production in the next few years, as the ongoing decline at some fields will be offset by small additional capacities at other fields,” the agency notes.
According to S&P’s estimates, foreign oil companies operating in Azerbaijan are likely to make additional investments to slow the decline in production. “However, in the long term, production is likely to continue to fall,” the agency’s analysts predict.
It should be noted that in 2023, Azerbaijan produced 30.1 million tons of oil and condensate. The Azerbaijani government expects production to decrease to 29.2 million tons this year (about 590,000 barrels per day).
Caspian Barrel
