The President of the State Oil Company of Azerbaijan (SOCAR), Rovnak Abdullayev, said on January 17 that the SOCAR prepares itself for realizing a number of large-scale projects to increase the volume of the own gas production in 2007-2008. He said that as a result of realizing these projects, in 2007 the volume of the gas production will increase to 5 bln cu.m and in 2008 to 8 bln cu.m.
We need significant finances to realize these projects and we intend to attract credit sources for their realization, Abdullayev said. Last year, SOCAR approved a new program on increasing the gas production in its own fields. As a result of implementing this program, the gas production at the end of 2007 and beginning of 2008 will be increased by 3-3,5 bln cu.m. It will allow covering the gas demand of Azerbaijan and even exporting it. Increasing the gas production is intended to be achieved through drilling new gas wells in the fields of Gunashli, Bulla Deniz, 8 March, Bahar, constructing new pipelines and other works.
16 new wells are intended to be given into exploitation only in Gunashli field. Earlier the number of the wells in this well equaled 4-5 per year.
In 2005, the SOCAR produced 3,8 bln cu.m of gas, and 3,9 bln cu.m in January-November 2006.