Minister: Foreign investments in Azerbaijan’s oil sector exceed $45 bln

Photo: Minister: Foreign investments in Azerbaijan’s oil sector exceed $45 bln / Oil&Gas

Azerbaijan, Baku, Nov.22 / Trend H.Veliyev /

Over $45 billion of investments have been made in the oil and gas sector in Azerbaijan at the expense of more than 30 agreements signed with foreign companies. Azerbaijani Industry and Energy Minister Natig Aliyev made this statement at the Seventh General Assembly of the International Conference of Asian Political Parties held in Baku on Thursday.

"Thanks to the attracted investments, Azerbaijan has achieved high level of oil production, which in turn helped to ensure its own energy security and created conditions for export of great volumes of the country's hydrocarbon resources," he said.

Making investments in the country's oil and gas industry and using advanced technology made it possible to increase oil production by 5.5 times, and gas production - four times
compared to early 1990s.

Along with successes in the oil production, the country has achieved significant results in gas production and ensuring gas exports in recent years. In particular, at present Azerbaijan's proven gas reserves exceed 2.5 trillion cubic meters.

Now Azerbaijan exports its own hydrocarbons via three oil pipelines and four gas pipelines.

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