SOCAR: Azerbaijan forecasts growth of gas reserves

Oil&Gas Materials 13 September 2011 13:49

Azerbaijan, Baku, Sept.13 / Trend, E. Ismayilov /

A number of promising structures in the Azerbaijani sector of the Caspian Sea, where work is envisaged in the near future, will be more likely to increase Azerbaijan's gas and condensate reserves, SOCAR First Vice President on Geology, Geophysics and Field Development Khoshbakht Yusifzade said on Monday.

He said that after SOCAR opens the Umid gas and condensate field, the company expects great perspectives on the Babak structure. According to preliminary data, gas reserves can reach at least 400 billion cubic meters. Yusifzade also said that relevant work is envisaged on the perspective "Shafag-Asiman" blog and Nakhchivan structure.

"Most of these structures, for their placement and depth of bedding, allow for the supposed availability of gas and condensate reserves. This, of course, will increase Azerbaijan's gas reserves and influence the country's image in the world," Yusifzade said.

SOCAR is the State Oil Company of Azerbaijan. SOCAR's oil and gas enterprises produced 7.28 million tons of oil and more than 7 billion cubic meters of gas in 2010. SOCAR and foreign partners are involved in such major projects as development of the oil and gas field "Azeri-Chirag-Guneshli" and the Shah Deniz gas condensate field in the Caspian Sea.

SOCAR includes the Azneft production association (the companies producing oil and gas onshore and offshore), the "Azerkimya" industrial association (chemical enterprises), and the Azerigaz industrial association (gas distribution).

SOCAR is the only producer of oil products in the country (it has two refineries on its balance), and also owns petrol stations in Azerbaijan, Georgia, and Ukraine. SOCAR is the co-owner of the largest Turkish petrochemical complex Petkim. The company trades oil in various regions of the world through SOCAR.