"S&P Global Ratings" international rating agency announced its forecast for the Azeri-Central-Eastern (ACE) project, which is the latest stage of the development of the "Azeri-Chirag-Deep Solar" (ACG) field, APA-Economics reports.
This forecast was included in the report of the international rating agency "S&P Global Ratings" on Azerbaijan.
S&P noted that the ACE project--the latest stage of the ACG development--is scheduled to come on stream in 2024, and at its peak is expected to produce 100,000 bpd.
Rating agency expects oil production will continue declining over the medium term, but at a slightly more gradual pace, with output dropping by about 7% cumulatively over 2023-2026.
Nevertheless, S&P expects that production ramp-up will be gradual, while elsewhere the production decline will persist, so the net trend will still be for slightly falling oil output.
S&P e noted that Azerbaijan remains a member of the OPEC+ group of countries and is therefore subject to the latest production quota for crude oil of 0.55 Mbps for 2024. However, its actual crude oil production (excluding natural gas liquids, which are not subject to the OPEC+ quota) so far in 2023 has averaged close to 0.52 Mbps, because of structural production constraints.