Azerbaijan to start exploring for new gas
Azerbaijan intends to start explorations for new gas
fields this year, the president of the state oil company SOCAR has
told a local TV channel.
Rovnag Abdullayev said that although the global economic recession is affecting the energy industry, the price of gas has not dropped. Azerbaijan intends to take advantage of this and increase gas production.
He said SOCAR had begun explorations of new gas fields using domestic investments, while the main issue on the agenda was to produce gas from the Umid offshore field in the Azerbaijani sector of the Caspian Sea.
Total recoverable gas reserves in the field are estimated at 250-300bn. cm.
The SOCAR president said oil production would not decrease despite the crisis, noting that Azerbaijan would produce 50m tons of oil this year. "Our goal is to take our natural resources to world markets," he added.
Rovnag Abdullayev said that although the global economic recession is affecting the energy industry, the price of gas has not dropped. Azerbaijan intends to take advantage of this and increase gas production.
He said SOCAR had begun explorations of new gas fields using domestic investments, while the main issue on the agenda was to produce gas from the Umid offshore field in the Azerbaijani sector of the Caspian Sea.
Total recoverable gas reserves in the field are estimated at 250-300bn. cm.
The SOCAR president said oil production would not decrease despite the crisis, noting that Azerbaijan would produce 50m tons of oil this year. "Our goal is to take our natural resources to world markets," he added.
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