Azerbaijan, Baku, Sept. 6 / Trend E. Ismayilov /
Around 280 million tons of oil have been extracted at the Azerbaijani block of Azeri-Chirag-Guneshli (ACG) offshore oil and gas fields from the beginning of its development, SOCAR first vice president on geophysics, geology and mining Khoshbakht Yusifzade said at the opening of the Scientific and Practical Conference 'New technologies in oil and gas extraction' in Baku today.
Yusifzade said that 104 million tons of the total volume of oil produced from ACG fell to Azerbaijan's profitable oil.
"The proven oil reserves in Azerbaijan hit two billion tons with gas at 2.55 trillion cubic meters," he said. "The forecasted hydrocarbon reserves in Azerbaijan are estimated at 10 billion tons of conditional fuel."