Investments in Azeri energy sector to hit $60bn: SOCAR
BAKU – Investments made in Azerbaijan under the agreements signed with foreign oil and gas companies so far are expected to reach $60 billion, Azerbaijan’s state energy firm SOCAR estimates.
SOCAR Vice-President Khoshbakht Yusifzada told the governing Yeni (New) Azerbaijan Party (YAP) website that Azerbaijan has signed 31 such contracts to date. Work is underway on 14 of the deals, which involve 26 companies from 20 countries.
Touching on the potential of Azerbaijan’s major Azeri-Chirag-Gunashli oil block in the Caspian Sea, Yusifzada said its full-field development as well as possible discovery of new oil deposits in the country allow to predict that Azerbaijan’s oil production will reach 60 million tons in 2015.
According to the SOCAR vice-president, over 60 production wells have been drilled on the ACG platforms - Chirag, Central Azeri, West Azeri, East Azeri and Deepwater Gunashli – and these wells are producing an average of 120,000 tons of oil and 35 million cubic meters of gas per day.
The ACG fields have produced a total of over 200 millon tons of crude and 50 billion cubic meters of gas since their commissioning in November 1997.
ACG oil is transported to world markets by the Baku-Tbilisi-Ceyhan (BTC) pipeline, without increasing tanker traffic through the crowded Turkish Straits.
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