In 2006 Azerbaijan Produced Record Volume of Oil

Oil&Gas Materials 19 December 2006 16:21 (UTC +04:00)

On December 19, the Azerbaijan Minister of Industry and Energy, Natig Aliyev, said that in 2006, Azerbaijan, for the first time over the past 150 years of hydrocarbon production, produced the record volume of oil 31 mln tons, Trend reports.

According to him, in 2007 the oil production in Azerbaijan is expected at the level of 50 mln tons.

In 2008, this figure will increase up to 67 mln tons, he said.

According to him, the State Oil Fund will receive $5-6 bln annually from the oil hydrocarbon exportation.

The oil in Azerbaijan is produced by the State Oil Company of Azerbaijan, Azerbaijan International Operating Company and various foreign companies.