1.5bn ton of oil (11bn bbl) have been produced for the whole history of oil fields development in Azerbaijan, said Elshad Nasirov, Vice president of State Oil Company of Azerbaijan, speaking at the presentation during the session of the workgroup for industry, energy and natural resources within Azeri-Korean commission for economic co-operation.
He said at present Caspian Sea proved reserves total nearly 18n bbl of oil, the same as those of Northern Sea. Proved gas reserves in Caspian Sea equal 250mln cubic feet, which is equal to that of the whole Northern America. In 2010 5.5mln bbl of oil will be produced in Caspian Sea a day.
Speaking of Azeri projects, Nasirov said in 2007 total amount of investments in Azeri-Chirag-Guneshli, Shah Deniz and BTC will amount to nearly $10bn. In 2008 a total of 1mln bbl of oil will be produced at ACG field in Azerbaijan.