Azerbaijan, Baku, Oct. 6 /Trend, E.Ismayilov/
Over the past 15 years, Azerbaijan has become a major energy exporter, the country assumes a large transit importance, a senior energy expert at the American Center for Strategic and International Studies, Edward Chow said in Baku on Wednesday. "Over the past 15 years, Azerbaijan has much developed and turned into a major oil and gas exporter, assumes great transit importance in the region," said Chow.
During his visit to Baku, where he arrived with the financial support of the U.S. Embassy in Azerbaijan, Chow delivered a lecture on "The role of the energy sector in the development and modernization" at the Azerbaijan State Oil Academy.
According to BP, the proven oil reserves in Azerbaijan as of the beginning of 2010 amounted to 7 billion barrels. Oil production in the country in 2009 totaled 1.033 million barrels per day, which is 13.5 percent more than the volume in 2008.
According to OPEC, oil production in Azerbaijan in 2010 is forecasted at 1.11 million barrels per day. Experts of the oil cartel predict the increase of oil production in Azerbaijan to 1.21 million bpd in 2011. The main oil production growth next year will be at Azeri-Chirag-Guneshli (ACG) block, which produces Azeri Light oil.