Azerbaijan, Baku, July 19 /Trend A.Akhundov/
Azerbaijan's natural gas reserves will be sufficient for 100 years, Azerbaijan`s Minister of Industry and Energy Natig Aliyev said in an interview with the Athens newspaper Ethnos. The Turkish news agency Anatolia reported on Sunday.
"Proven oil reserves amount to 1,5 billion tons and natural gas - 2.2 trillion cubic meters. Annual oil production in Azerbaijan is 50 million tons. This means that if new deposits will not be found oil will end in about 30 years. However, when talking about reserves, we proceed from the possibilities of modern technology. With the development of technologies appears the probability of increasing oil production. With regard to natural gas, if we will not find new deposits, the existing reserves will last at least a hundred years. Companies such as BP, Total and Statoil are working on finding new deposits", Natig Aliyev said.
The minister said that this year's production of oil and gas will increase.
"This year, oil production will increase from 50 million tonnes to 52.5, and natural gas - from 23.3 billion cubic meters to 28.5" - Minister of Industry and Energy Natig Aliyev said.