Azerbaijan's oil output to reach 60 million tons per year by 2015: SOCAR president

Azerbaijan's oil output to reach 60 million tons per year by 2015: SOCAR president

Azerbaijan, Baku, June 3 / Trend , E. Ismayilov/  

Azerbaijan plans to produce about 50 million tons of oil in 2009 compared to 44.5 million tons in 2008, SOCAR President Rovnag Abdullayev said.

Currently, Azerbaijan produces oil on onshore and offshore fields under 16 oil production contracts. Nearly $36 billion were invested in Azerbaijan as a part of the oil contracts; $21 million accounted for Azeri-Chiraq-Gunashli fields, Abdullayev said.

In 1997-2009, around 166,000 meters or 39 wells were drilled which enabled to up proved reserves of oil by 2.4 billion tons.

About 120,000 tons of oil is produced per day from 58 wells from Azeri-Chiraq-Gunashli. Nearly 150 million tons of oil and 34 billion cubic meters of gas were produced in 1997-2008, he said.

About 6,000 tons of condensate is produced from 5 wells and 22 billion cubic meters of gas from Shah Deniz per day. About 700 million cubic meters of gas were exported via Baku-Tbilisi-Erzurum to Georgia from 2007 to May 1, 2009 and 7.5 billion cubic meters to Turkey, the SOCAR president said.

Commercial talks are underway on production of deep-lying gas in Azer-Chiraq-Gunashli. Gas reserves are estimated at 400 billion cubic meters of gas.

Azerbaijan's oil production can reach 60 million tons and gas production 35-40 billion cubic meters per year due to exploration work at Babek, Ashrafi, Garabagh, D-8 and D-10 perspective fields by 2015, Abdullayev said.

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