AZERBAIJAN EXPECTS OIL PRODUCTION TO OVERPASS 80 MILLION TONS
The production of a total of 81.55 million tons of crude oil has been expected in Azerbaijan within three years, 2005 through 2007, according to the GovernmentвЂ™s socioeconomic development concept and forecasts of major macroeconomic activities for 2004-2007.
The document shows the production of crude oil at the level of 20.75 million tons in 2005, with a 44.8 per cent growth the next year, to 30.05 million tons. The rate of output is expected to stabilize at 30.75 million tons (+2 per cent) in 2007.
Among the crude producers active in Azerbaijan are the State oil company of Azerbaijan (SOCAR), Azerbaijan International Operating Company (AIOC) and several onshore operators and joint ventures; foreign oil companies operate the accumulations on the basis of corresponding production-sharing agreements.
During the first half of the year, SOCAR, joint ventures and onshore operating companies have extracted the aggregate amount of 4.472 million tons of crude oil, down 2,700 tons from the year-ago figure. Of the total, some 479,600 tons (+24,900 tons) fall to the share of joint ventures and onshore operating companies.