“Azerbaijan’s gas production has stabilized at close to 35 billion-36 billion cubic meters (bcm) annually,” it was stated in the forecast of the international rating agency S&P Global Ratings, APA-Economics reports.
It was noted that Azerbaijan's gas output has grown substantially since 2018, when production commenced at the key Shah Deniz II (SDII) gas field (production of roughly 16 bcm at plateau), operated by BP. The two related pipelines--the Trans-Anatolian Natural Gas Pipeline and the Trans-Adriatic Pipeline--carrying gas to Turkiye and Europe, respectively, became operational in 2019 and 2020. In July 2023 production also started at the smaller Absheron gas and condensate field (approximately 1.5 bcm), operated jointly by TotalEnergies and State Oil Company of the Republic of Azerbaijan (SOCAR).
“Given that the vast majority of production ramp-up has already happened, we estimate that Azerbaijan is approaching peak gas production, which will be maintained for several years,” S&P added.
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