Azerbaijan’s oil production expected to reach 900,000 bpd in 2012

Oil&Gas Materials 15 May 2012 18:05 (UTC +04:00)

Azerbaijan, Baku, May 15 / Trend A.Badalova /

Azerbaijan's oil production is expected to reach around 900,000 barrels per day in 2012, Platts reported with the reference to the head of the Foreign Investment Department of the State Oil Company of Azerbaijan (SOCAR) Vagif Aliyev.

Aliyev said at the CIS Oil and Gas Summit in Paris on Tuesday that the country's gas production will hit about 27-28 billion cubic meters this year.

According to Aliyev, by 2015, Azerbaijan expects to boost its hydrocarbons production to 50-55 million mt/year of oil and 30 billion cubic meters per year.

According to the Azerbaijani State Statistics Committee, in January - April 2012, Azerbaijan extracted 14.77 million tons of crude oil and condensate, which is 6.9 percent less than in January-April 2011. In total, Azerbaijan produced 45.37 million tons of oil in 2011 compared to 50.83 million tons in 2010.

Gas production hit 5.96 billion cubic meters in January - April 2012, or 9.9 percent more than in January - April 2011.

About 26 billion cubic meters of gas were extracted in the country in 2011 compared to 26.23 billion cubic meters of gas in 2010.