Caspian region has projected 200bn barrels of oil - minister
The Caspian region possesses oil reserves amounting
for an estimated 200 billion barrels, according to Azerbaijani
Minister of Industry and Energy Natig Aliyev.
Aliyev told the 16th annual Caspian oil and gas conference held in Baku last week that, if these estimates are proven true, the basin`s oil resources equal America`s "black gold" reserves.
Aliyev emphasized that, under the projections made 10 years ago, investments worth $200 billion are to be channeled into exploration and production work in the Caspian Sea. However, given the current conditions, the volume of required funds could be double that amount.
According to the minister, in 2015-2025 Azerbajan`s stable oil production will be around 65 million tons, while that of gas will reach 40 billion cubic meters. The government estimates that the resource-rich South Caucasus republic will produce 45-50m tons of oil and 25-27bn cu. m. of gas in 2009.
Azerbaijan produces most of its oil from the major Azeri-Chirag-Gunashli offshore fields.
Aliyev told the 16th annual Caspian oil and gas conference held in Baku last week that, if these estimates are proven true, the basin`s oil resources equal America`s "black gold" reserves.
Aliyev emphasized that, under the projections made 10 years ago, investments worth $200 billion are to be channeled into exploration and production work in the Caspian Sea. However, given the current conditions, the volume of required funds could be double that amount.
According to the minister, in 2015-2025 Azerbajan`s stable oil production will be around 65 million tons, while that of gas will reach 40 billion cubic meters. The government estimates that the resource-rich South Caucasus republic will produce 45-50m tons of oil and 25-27bn cu. m. of gas in 2009.
Azerbaijan produces most of its oil from the major Azeri-Chirag-Gunashli offshore fields.
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