Azerbaijan forecasts to increase oil and gas production in 2012
Azerbaijan, Baku, Oct. 12 /Trend, E.Ismayilov/
According to government forecasts, in 2012 Azerbaijan will produce 46 million tons of oil and 28.3 billion cubic meters of gas, according to a draft of Azerbaijan's state and consolidated budget for 2012 and three subsequent years posted on the Finance Ministry's official website.
This year, according to expectations, the country plans to produce 45.6 million tons of oil and 25.3 billion cubic meters of gas compared to 50.8 million tons and 26.2 billion cubic meters respectively in 2010.
Thus the cost of one barrel of oil in the draft state budget for 2012 is set at $80 under the rate of 0.79 manat per dollar.