Azerbaijan Expects Record Oil Production Volumes in 2007
Azerbaijan, Baku/ Trend corr. S. Aliyev / Natig Aliyev, Azerbaijan's Industry and Energy Minister, has said today that Azerbaijan is expected to produce about 42.3 mln. tons of oil in 2007.
"The Country produced the record oil volumes in 2006 - 32.3 mln. tons. In 2007, the Country is expected to exceed this figure approximately on 10 mln. tons," said the Minister.
At the same time, according to Mr. Aliyev, if it previously expected that in 2010, the volume of oil production in the Country will be equal to 50 mln. tons, then, today, these forecasts are expected to be at a level of 65 mln. tons.
The Country is expected to produce about 30 bln. cubic meters of gas in 2007, however, most part of this volume -accompanying gas coming from the Azerbaijani bloc of fields of "Azeri-Chiragh-Gunashli" (ACG) will be pumped down to the reservoir to increase the pressure to increase oil production.
SOCAR (State Oil Company of Azerbaijan) is expected to produce 5 bln. 350 mln. cubic meters in 2007. This figure is almost on 0.5 bln. cubic meters more against that one registered the corresponding indicator of last year.
Within 2007, the generation of electric power in Azerbaijan is expected to increase on 400 МWatt. On the whole, by 2010, the total quantity of generation of electric energy in the country is expected to increase on 4.000 МWatt, and finally reach this indicator to 10.000 MWatt. That will allow Azerbaijan not only to fully provide its own needs in electricity, but also export it.