SOCAR INTENDS TO HOLD OIL PRODUCTION IN 2005 LEVEL
The State Oil Company of Azerbaijan (SOCAR) intends to hold oil production in the 2005 level, Natig Aliyev, the President of the SOCAR, told Trend. вЂњWe donвЂ™t have new oil fields. Therefore, we support the production in the old ones, but most of them is out of exploitation fund due to lack of work volume, finance, technical means,вЂќ he noted.
The SOCAR passed their fields to foreign companies in this regard. вЂњThere are a lot of work and the companies have considerable resources. They drill new wells using new technology, but we donвЂ™t have such opportunities. We increase oil production at the expense of foreign companies,вЂќ he added.
Aliyev stressed that the SOCAR did not develop their old fields in this relation. вЂњOil and Gas production grow. We began to fulfill the plan for the first time over 2 years,вЂќ Aliyev underlined.
The Company intends to produce 8.75m tons oil and 4.2 bn cu m gas in 2005.