Azerbaijan has a large number of oil and gas fields and prospective structures in the Caspian Sea. One of them is the Azeri-Chirag-Guneshli block of oil and gas fields. Its proven oil reserves are estimated at 1.2 billion tons with gas at 350 billion cubic meters.
Another large deposit is the Shah Deniz gas condensate field. Its reserves hit 1.2 trillion cubic meters of gas. According to the forecasts, gas production volume can be brought up to 24 billion cubic meters a year within the second stage of the field development.
Such fields as Absheron (350 billion cubic meters), Umid (200 billion cubic meters) and Babak at 400 billion cubic meters have the largest gas reserves. There are also high expectations for Nakhchivan, Zafar-Mashal and Shafaq-Asiman prospective structures.