Azerbaijani oil reserves can be increased twice
Azerbaijan, Baku, September 24 / Trend E. Ismayilov /
According to the forecasts, Azerbaijan will produce 28 billion cubic meters of gas this year compared to 23 billion cubic meters, SOCAR vice-president on geology, geophysics and mining Khoshbakht Yusifzade said at a meeting with members of the Caspian and European Integration Business Club (CEIBC).
He said that the volume of total oil production in Azerbaijan is also expected to increase. The figure hits 50.4 million tons.
The proven oil reserves of Azerbaijan hit 1.5 billion tons. This figure could be increased by 3 billion tons in future, Yusifzade said.
The proven gas reserves are estimated at 2 trillion cubic meters, estimated reserves - about 5 trillion cubic meters.
SOCAR vice-president said that the company intends to maintain crude oil production in its own fields at the level of this year - about 8,5 million tons next year.