Azerbaijan, Baku, June 8 / Trend, E.Ismayilov /
The volume of proven hydrocarbon reserves in Azerbaijan has attained an equivalent 4.2 billion tons of fuel, while reserves are forecasted to reach 10 billion tons, the Head of the State Oil Company of Azerbaijan Rovnag Abdullayev stated at the opening of the 18th International Caspian Oil and Gas, Refining & Petrochemicals Exhibition and Conference in Baku.
He said that by 2015 volumes of oil production in Azerbaijan will attain 50-55 million tons, while gas volumes are forecasted to reach 30 billion cubic meters.
According to Abdullayev, such figures mean that Azerbaijan's role in ensuring energy security in the world may further increase.
He said that such predictions take on greater importance given expert calculations that Europe's imported energy consumption will increase to 70 percent by 2015 and 85 percent by 2010.
Abdullayev emphasized that between 2004 and 2010 Azerbaijan's gas production has increased five-fold from 5 billion cubic meters to 26 billion cubic meters. A rise has also been observed in the production of oil, having grown 5.6 times between 1997 and 2010 and reached 50.6 million tons. Daily production volumes have reached as much as 140,000 tons.