Program for increase of oil production at mature SOCAR fields being prepared
Azerbaijan, Baku, April 19 / Trend, E. Ismailov /
A three-year program for the increase of oil production from mature fields of the State Oil Company of Azerbaijan will be submitted to the President of SOCAR (State Oil Company of Azerbaijan) for approval in the near future, a high-ranking representative of SOCAR told Trend on Friday.
According to him, the new program covers 2013-2015 and includes the increase of oil production to two million tonnes.
"The program is developed for a period of three years and its preparation requires time. Our goal is going to maximize the extraction of residual amounts of oil, using modern techniques and technologies", the representative of SOCAR said.
According to him, after the approval of the program the administration of the company will start works on improving the development of mature fields and extraction of residual oil.
SOCAR produced 8.24 million tons of oil in the offshore and onshore fields of the country in 2012 compared to 8.4 million tons in 2011.
43 million tons of oil was produced in total in Azerbaijan in 2012 compared to over 45.6 million tons in 2011.
In 2010, Azerbaijan produced 50.8 million tons of oil, and the share of SOCAR constituted 8.4 million tons.