Azerbaijan's oil and gas reserves forecast can be raised twice

According to forecasts, Azerbaijan will produce 28 billion cubic meters of gas this year compared to 23 billion cubic meters, SOCAR Vice-president on geology, geophysics and mining Khoshbakht Yusifzade  said at a meeting with members of the Caspian and European Integration Business Club (CEIBC).

He said that the volume of total oil production in Azerbaijan is also expected to be raised. The country's oil output was 50.4 million tons last year.

Azerbaijan's proven oil reserves totals 1.5 billion tons. This figure could be raised by 3 billion tons in future, Yusifzade added.

The country's proven gas reserves are estimated at 2 trillion cubic meters, estimated reserves - about 5 trillion cubic meters.

SOCAR vice-president said the next year the company intends to maintain crude oil production in its own fields at 8,5 million tons, this year's indicator.


/Trend/