Azerbaijan, Baku / Trend corr S. Aliyev / In 2007, oil production in Azerbaijan will comprise 43mln tons, Azerbaijani Industry & Energy Minister, Natig Aliyev, said in Baku at an international exhibition on 'Direct Regional Investments in Black and Caspian Sea Regions' on 2 October.
Oil production in Azerbaijan is managed by the State Oil Company of Azerbaijan Republic (SOCAR), Azerbaijani International Operating Company (AIOC), arrange of JVs and operational companies with foreign capital.
According to the Minister, in 1993-94 oil production in Azerbaijan was only 9mln tons a year.
The main increase in oil production occurred owing to full-scale development of Azeri-Chirag-Gunashli off-shore field. Baku-Tbilisi-Ceyhan (BTC) oil pipeline was constructed to export high-gravity oil from the field.