Socar says ‘optimal’ oil production 55m tons per year
BAKU – Production of 50-55 million tons of oil per year in Azerbaijan is efficient for "rational" development of the country’s major Azeri-Chirag-Gunashli (ACG) oil block in the Caspian Sea, a senior official of the state oil company Socar has said.
Socar’s First Vice-President Khoshbakht Yusifzada told a Caspian oil and gas conference in Baku Monday that the resource-rich South Caucasus republic produced a total of 50.7m tons of oil in 2010, with most of the crude extracted from ACG.
"Azerbaijan’s oil output could be increased to 60-70m tons per year, but this would be inappropriate from the viewpoint of maintaining a stable production level," Yusifzada said. "Keeping it at 50-55m tons is optimal considering consumption volumes in the country and in terms of efficiency in tapping the ACG field and spending."
The ACG block holds an estimated 925 million tons of oil and 280 billion cubic meters of gas.
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