Azerbaijan Oil & Gas Report Q3 2018
From 2019, the outlook for oil and gas production in Azerbaijan will improve, with the start-up of the Shah Deniz IIproject raising dry gas and condensates production. Renewed investment in the flagship ACG fields and progressaround Absheron are also positive for the market, although substantial new volumes are needed, to offset decline rates on matureproducing assets. The downstream sector will continue to underperform the upstream across our 10-year forecast period. However,upgrade works at the Baku Oil Refinery will help somewhat improve prospects for production and exports.The demand outlook issomewhat improved, as the economy continues its broader recovery. However, GDP growth will remain below its historical averages,while a slowdown in population growth will drag on consumption overall.
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