British energy giant BP is ramping up production at Azerbaijan’s largest oil field in 2024, says the report of the Fitch Solutions (FS) company belonging to the Fitch Group, APA-Economics reports.
It was noted that however, this will not overturn the long-term structural decline in the country’s oil sector: the oil field’s output has declined by over 50% over the past decade: "However, an injection of USD 6bn into the field's Azeri-Central-East (ACE) facility will add much-needed volumes to Azerbaijan’s production and export capacity. BP’s investment will increase production capacity by up to 25% from current levels, causing production to rise to 24,000 bbl/day in the near term with output set to increase annually to a maximum of 100,000 bbl/day. Accordingly, we expect exports to rise from 4.8%y-o-y in 2023 to 6.5% in 2024 and 7.0% in 2025 with risks tilted to the upside."
