This year AIOC to increase oil production in Azerbaijan

Oil&Gas Materials 6 July 2009 22:01 (UTC +04:00)

Azerbaijan, Baku, July 6 / Trend , S.Aliyev /

This year the Azerbaijan International Operating Company (AIOC), which develops the block of Azeri-Chirag-Guneshli fields, will produce about 40 million tons of oil compared to forecasted 34 million tons, which would increase the overall projected rate of oil production in Azerbaijan up to 50 million tons from 45 million projected, a source in Azerbaijan's oil and gas industry said on July 6. The production for this year was forecasted, considering problems in the block of Azeri-Chirag-Guneshli.

Currently, production on Azeri-Chirag-Guneshli is about 900,000 barrels of oil per day, which suggests exceeded targets, the source said.

Last year, the planned volume of production was estimated at 52 million tons, but due to stop in production on Central Azeri, this was not achieved. Last year, the production was 44.5 million tons.

Stoppage on Central Azeri platform occurred on 17 September last year because of gas discharge into the sea near the platform. Currently, production on Azeri-Chirag-Guneshli block was completely restored and brought up to 900,000 barrels of oil per day, which equals production before stoppage.

The Minister of Industry and Energy of Azerbaijan Natik Aliyev said formerly that Azerbaijan has great potential to increase production in the next few years. Republic can produce 65 million tons of oil annually.

Do you have feedback? Contact our journalist at: [email protected]