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S&P: Azerbaijan's oil output will continue to average 0.58 mbpd through 2027

07 December 2024 10:09 (UTC +04:00)

"Azerbaijan's oil output (including natural-gas condensate) will continue to average 0.58 million bbl per day (mbpd) through 2027," this was stated by the International Rating Agency S&P Global Ratings in its rating assessment of Azerbaijan, APA-Economics reports.

It was reported that production has been steadily declining in recent years, falling to 0.65 mbpd in 2023 from 0.79 mbpd in 2019 with the aging of key oil fields such as Azeri-Chirag-Gunashli.

"We estimate that production this year will average 0.58 mbpd and that the next few years will see some stabilization as the continued decline of some fields is offset by small capacity additions at others. Foreign oil majors operating in Azerbaijan are likely to undertake additional investments to slow the decline. In the longer term, however, production will likely continue falling," S&P added.