Oil output hit record high this year
A record high 44.5 million tons of oil were pumped
from Azerbaijani wells in 2008, or 4.6% more than 2007, according
to Shahin Mustafayev, Economic Development Minister.
Further, Azerbaijan extracted 16.3 billion cubic meters of gas, a 50.4% increase compared to 2007, Mustafayev told a cabinet meeting reviewing the outcome of the country`s economic development in 2008 and presided over by President Ilham Aliyev.
Oil production is forecast at over 57m tons for 2009. 48.5m tons of this oil will be extracted by the BP-operated consortium Azerbaijan International Operating Company (AIOC), which produces oil and gas from Azerbaijan`s vast Azeri-Chirag-Gunashli fields in the Caspian Sea. The remaining oil - 8.6m tons - will be produced by the state oil company SOCAR at its own fields.
Additionally, gas production is projected at 30bn cu. m. this year. Nine billion cu. m. will be produced at the major offshore gas-condensate field Shahdaniz, which is also being tapped by a consortium of international companies, while 8bn cu. m. will be produced by SOCAR. The rest of the volume will be extracted at ACG from associated gas.
Part of the associated gas is being pumped into the layer as support pressure, while another part is transferred to SOCAR at no charge.
Further, Azerbaijan extracted 16.3 billion cubic meters of gas, a 50.4% increase compared to 2007, Mustafayev told a cabinet meeting reviewing the outcome of the country`s economic development in 2008 and presided over by President Ilham Aliyev.
Oil production is forecast at over 57m tons for 2009. 48.5m tons of this oil will be extracted by the BP-operated consortium Azerbaijan International Operating Company (AIOC), which produces oil and gas from Azerbaijan`s vast Azeri-Chirag-Gunashli fields in the Caspian Sea. The remaining oil - 8.6m tons - will be produced by the state oil company SOCAR at its own fields.
Additionally, gas production is projected at 30bn cu. m. this year. Nine billion cu. m. will be produced at the major offshore gas-condensate field Shahdaniz, which is also being tapped by a consortium of international companies, while 8bn cu. m. will be produced by SOCAR. The rest of the volume will be extracted at ACG from associated gas.
Part of the associated gas is being pumped into the layer as support pressure, while another part is transferred to SOCAR at no charge.
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