S&P Global Ratings international rating agency forecasts average daily oil production in Azerbaijan in 2020 to drop to 733 thousand barrels. However, oil production in the country in the next years is expected to increase and stabilize, APA-Economics reports citing the rating agency.
Despite the decrease, it is expected that the production will stabilize and reach daily 771 thousand barrels during the next two years (until 2024)
“We expect daily oil production to decline nearly 3% or 733 thousand barrels this year. However the remaining part of the forecast period we expect it to stabilize at nearly 771 thousand barrels,” the information of the agency reads.
According to the information, stabilization will be ensured thanks to Shah Deniz 2 and Absheron projects. The decline of production in Azeri–Chirag–Gunashli field located in the Azerbaijani sector of the Caspian Sea will be offset specially thanks to these projects.