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Oil and gas production amount in Azerbaijan to significantly increase

Oil&Gas Materials 12 October 2010 14:48 (UTC +04:00)
In the next four years, oil production in Azerbaijan will amount to 223 million tons, the Economic Development Minister Shahin Mustafayev said during the discussion of the draft of public budget for 2011 at the Azerbaijani Parliament’s plenary session.

Azerbaijan, Baku, Oct.12 / Trend I. Khalilova /

In the next four years, oil production in Azerbaijan will amount to 223 million tons, the Economic Development Minister Shahin Mustafayev said during the discussion of the draft of public budget for 2011 at the Azerbaijani Parliament's plenary session.

"These amounts will be achieved by increasing the amount of oil production in 2011 from 51.6 million tons to 62.4 million tons in 2014," Mustafayev said.
Amount of natural gas production in 2011 will be increased from 29 billion cubic meters to 32 billion cubic meters, which will provide amount of gas production for four years at 120 billion cubic meters, he said.

According to BP's assessments, the proven oil reserves in Azerbaijan hit seven billion barrels, proven gas reserves - 1.31 trillion cubic meters.

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