Azerbaijan, Baku /corr. Trend S.Aliyev / Azerbaijan's Minister of Industry and Energy, Natig Aliyev, said on 2 October in Baku during the conference of Direct Regional Investments to Black and Caspian Seas, that the oil reserves of Azerbaijan are estimated at 6trln cu.m.
According to the information provided by the State Oil Company of Azerbaijan (SOCAR), in September the results of the commissioning in the fourth well on Shah Deniz field increased the oil reserves on the contract square (technical operator is BP) up to 1.2trln cu.m.
According to the Minister, the gas production in Azerbaijan will make up 30bln cu.m by 2020. Such opportunity will appear due to the increase of the gas production by SOCAR on the fields which the Company develops independently, as well as at the expense of Shah Deniz field.
The Minister said that the Nabucco project is very significant for delivering Azerbaijani gas to Europe. Nabucco Gas Pipeline Company (operator on realization of Nabucco project) has already suggested Azerbaijan to become a shareholder of the Company.
Aliyev said that it is important for Azerbaijan to take part in this project.