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Hi Ravindra,

it is hard to say what are the requirements for the Panorama in Azure, it is also important to know what are the use case. 

When you logs/sec are lower the 10,000 and you didnt want to manage more then 500 Devices then are the min requirements:

• 16 CPUs
• 32 GM memory
• 4x2TB Logging disks (or lower 2x2TB is also enough)

Then you can use a DS5_v2 vm instance type

Details are here https://docs.paloaltonetworks.com/panorama/9-1/panorama-admin/set-up-panorama/set-up-the-panorama-vi...

1. there is no version requirements for Panorama in Azure it is again depends what are you trying to archive here but i use in the past the Version 9.1.4

2. I have already a lab running in Azure Panorama HA and i can't complain. It works really stable for me.

I hope i could help.

Regards,

Torsten