Azerbaijan may up oil production to 60mln tons, gas to 34bln cu m: SOCAR First Vice President

Oil&Gas Materials 4 June 2009 12:57 (UTC +04:00)

Azerbaijan, Baku, June 4 / Trend , E.Ismayilov/

Azerbaijan may increase the oil production to 60 million tons per year compared to 44.5 million tons in 2008, as well as the gas production to 34 billion cubic metres from 23.4 billion of the last year, First Vice President of the State Oil Company of the Azerbaijan Republic (SOCAR) on Geology, Geophysics and Development Khoshbakht Yusifzade told a conference in Baku.

Azerbaijan's proved hydrocarbon reserves are 4 billion tons of oil equivalents, while the forecasted volumes are 8-10 billion tons.

"SOCAR may launch works on prospective oil and gas units of Babek, Zafar-Mashal, Nakhchivan, D-8 and D-10 before 2015, Yusifzade said.