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October 2018
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Thursday, 13 September 2018 11:20

Crude oil output from ACG increases

Crude oil output from ACG increases

Azerbaijan’s liquids output in July decreased by 0.02 mb/d m-o-m to average 0.79 mb/d, but production in August is estimated to rise to 0.82 mb/d, according to preliminary production data. Crude oil figures based on direct communication show a decline in July of 19 tb/d to average 709 tb/d, lower by 30 tb/d, y-o-y, Caspian Energy News (http://caspianenergy.net/en/) reports with reference to Monthly Oil Market Report September 2018.

Crude oil output from the ACG complex (Azeri-Chirag-Guneshli fields) increased in 1H18 compared with the same period in 2017 by around 11 tb/d, or 2%, to average 0.6 mb/d. Annual declines in the Chirag and deepwater Guneshli fields are compensated for by growth in the Azeri field. Crude production from the Azeri field accounts for nearly 64% of the ACG complex. Azerbaijan’s liquids production averaged 0.81 tb/d in the first seven months of 2018, up by 0.01 mb/d y-o-y.

The country’s oil supply in 2018 is expected to decline by a minor 0.01 mb/d to average 0.79 mb/d. For 2019, oil production in Azerbaijan is forecast to decrease further by 0.02 mb/d to average 0.77 mb/d.

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