Azerbaijan has exceeded the previous record in its annual oil production in the history of the industry of the country. The new record figure in the oil production exceeded 30.5 m. tons of oil. Khoshbakht Yusufzadeh, the first Vice-President on Geophysics, Geology, and fields development of SOCAR (State Oil Company of Azerbaijan) told that the new record was achieved on October 5, Trendreports. The previous record on the oil production in Azerbaijan was in 1940s.
According to him, over 31-32 m. tons of oil expected to be produced this year. Over two thirds of this volume will be produced by the international operating companies working in Azerbaijan, the rest by SOCAR, he told.
This year, SOCAR has exceeded its annual oil production against 2005. The total growth in SOCAR`s gas production in 2006 is expected to be at the level of 1 b. cubic meters of gas, pointed out Mr. Yusufzadeh.
SOCAR`s gas production in 2007 is expected to exceed the volumes of 2006 by 1 b. cubic meters.
SOCAR`s First Vice-President: Azerbaijan Achieved a New Record in Oil Production
