As of January 1, 2025, Azerbaijan’s proved oil reserves totaled 7 billion barrels and proved natural gas reserves totaled 60 trillion cubic feet (Tcf), “Caspian Energy Media” reports, citing US Department of Energy.
According to the institution, crude oil production (excluding condensate) in Azerbaijan has been declining since peaking at almost 1.0 million barrels per day (b/d) in 2009–2010: “We project total petroleum liquids production to average a little over 600,000 b/d from 2024 to 2026.”
The US Department also stated that the deepwater field Azeri Chirag Gunashli (ACG) is the primary source of petroleum liquids production in Azerbaijan, but it peaked in 2010 at 823,100 b/d before falling to 664,400 b/d in 2012.
