The Caspian Integrated Business Club hosted a meeting between members of the Club and the Minister for Industry & Energy, Natik Aliyev, on 27 September, Trend reports.
The Minister stated that in 2006 the volume of economic growth in Azerbaijan will exceed 34%. Last year the figure equalled 26.4%. This year the oil production will exceed the record at over 30 million tons, while next year the figure will increase to 47 million tons.
At present the State Oil Company of Azerbaijan (SOCAR) is implementing a program on the increase of gas production. This year the volume of production will be raised to 500 million cu.m. Next year the figure will be increased by 500 million cu.m. more at the expense of the construction of new platforms, drilling of new wells where it is planned to drill approximately 23 new wells, as well as several other enterprises. Over 2 years SOCAR intends to increase its own gas production by 2 billion cu.m. the Minister stressed.
He added that excellent work is being done with regards to electric energy. Over 5 years the general capacity of generated energy will increase by 3,000 MW from the existing 5,000 MW.