Azerbaijan's Oil Production Faces Annual Decline

Azerbaijan's Oil Production Faces Annual Decline

Official statistics released by the Ministry of Energy of Azerbaijan for the year 2023 confirm a notable annual decrease in the country's oil production. The report reveals that Azerbaijan produced 30.2 million tons of oil, including condensate, marking a 7.4% decline compared to the output in 2022.

The primary contributor to this decline is the Azeri-Chirag-Guneshli (ACG) block, which experienced a significant reduction of 12.7% in oil production, amounting to 17.8 million tons. Given that the ACG block represents almost 59% of the country's total oil production, its performance heavily influences national figures.

While condensate production at the Shah Deniz field slightly decreased to 4.3 million tons, the State Oil Company of Azerbaijan Republic (SOCAR) maintained its 2022 production levels, contributing 7.8 million tons. The Absheron deposit, a relatively smaller player, added 300 thousand tons of condensate to the overall production.

Throughout the year, 25.2 million tons of oil, including condensate, were transported to global markets. The majority, 22.1 million tons, was attributed to the ACG consortium, with the remaining 3.1 million tons managed by SOCAR.

The decline in oil production, particularly from the influential ACG block, raises concerns about Azerbaijan's overall energy sector. It underscores the challenges faced by the country in maintaining production levels, especially from key contributors, and the potential impact on its economy, given the significant role of the energy sector in Azerbaijan.—0—


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