Azerbaijan, which produced more 38.7 Mt of crude oil and NGL in 2018, expects crude oil production to remain stable on 2019 at around 37.7 Mt in 2020 and gas production to increase by 7.5%. Crude oil production is expected to rise slightly after 2020 (+1.4% in 2021, +0.7% in 2022 and +0.3% in 2023), while gas production continue to rise at a faster pace (+ 13% in 2021, +6.4% in 2022 and +4.1% in 2023). In addition, gas exports to Europe from the giant Shah Deniz II field should accelerate after 2020.
Oil and gas account for 75% of government revenue and 95% of export revenues. A large part of oil production in Azerbaijan comes from the Azeri-Chirag-Guneshli (ACG) oilfields operated by BP and Azeri state-owned energy company SOCAR and whose production has been stable over the last few years. So far, the ACG fields have produced 3.5 Gbl of oil and have the potential to produce another 3 Gbl by 2050.