SOCAR first vice-president: SOCAR's and foreign companies' efforts aimed at discovering new oil and gas fields in Azerbaijan
Azerbaijan, Baku, August 3 / Trend E. Ismayilov /
Investments worth $31 billion were made within all the contracts signed with foreign companies for exploration, production and rehabilitation of oil and gas fields in Azerbaijan, SOCAR first vice-president Khoshbakht Yusifzade said in an interview with the newspaper "Respublika".
In particular, foreign companies are involved in major energy projects in Azerbaijan, such as the development of offshore oil and gas fields "Azeri-Chirag-Guneshli", as well as gas condensate field Shah Deniz.
He said that oil production in Azerbaijan will be increased up to 60 million tons and gas production - up to 34 billion cubic meters based on the proven hydrocarbon reserves and potential fields, which are scheduled to discover by 2015.
SOCAR's efforts both independently and jointly with foreign companies are aimed at discovering oil and gas fields on the prospective structures "Absheron", Asiman", "Babak", "Mashal", Nakhchivan"," Umid "," Shafag "," Zafar ".