Forecast: ACG oil production to decrease next year


November 29, Fineko/ In 2023, crude oil production from Azeri-Chirag-Guneshli (ACG) block of fields is projected at the level of 129.6 million barrels.

ABC.AZ reports that this is stated in the conclusion of the Accounts Chamber.

Because of decrease in production, this figure is 23.5 million barrels lower than in 2022 (153.1 million barrels).

As a result of comparing the forecast indicators of recent years on ACG, decrease of about 102 million barrels, or 44%, was observed between the production forecast for 2015 and the production forecast for 2023. Based on the presented forecast indicators, it is expected that the downward trend will continue in the following years, which in the medium-term forecast with stable oil price with the indicator of 2023, a sharp decline in SOFAZ revenues on this source is quite likely.