SOCAR deputy head: Company intends to increase country's role in EU energy security

Oil&Gas Materials 11 March 2010 13:44 (UTC +04:00)

UK, London, March 11 / Trend N.Ismayilova /  

Azerbaijan will expand its role in ensuring energy security in the region and the European Union in the coming years, Vice-president of the State Oil Company of Azerbaijan Republic (SOCAR) for Economic Affairs Suleyman Gasimov said in a speech at the trade and investment forum "The UK in Azerbaijan" in London March 8. The forum was organized with the support of the Middle East Association and the International Bank of Azerbaijan.

"Our goal is to bring the country's oil production to 60 million tons and natural gas to 35-40 billion cubic meters by 2015," he said. "We believe our country's role in energy security in the region and the EU will increase in subsequent years."

In 2009, Azerbaijan produced more than 50 million tons of oil or 6 million tons more than in 2008. In 2009, the country produced about 24 billion cubic meters of gas, which is 276 million cubic meters more than the previous year, he added.  

"All this creates conditions for the realization of forecasts," Gasimov stressed.

According to him, the increase in gas production is one of the main goals. Azerbaijan will successfully solve this problem through expansion work at the Shah Deniz field, inclusion in the development of fields Umid and Absheron, as well as through work in other fields.

The country daily produces one million barrels of oil and 65 million cubic meters of gas, he said.

Today, Azerbaijan's oil and oil products are exported to 30 countries, including China, USA, Germany, Spain, Britain, Italy, has recently been added to this list, India, Indonesia, South Korea, Chile and other countries, Gasimov noted.

According to him, the Caspian Sea has reserves of about 30 billion tons of oil and 18-20 trillion cubic meters of gas, representing 15 percent of the world's hydrocarbon reserves. The area of the Caspian Sea belonging to Azerbaijan, has reserves about 3.5 billion tons of oil and five trillion cubic meters of gas.

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