SOCAR predicts oil production at 46m tons in 2011
Oil production in Azerbaijan is forecast at about 46 million tons, while gas output – at more than 27 billion cubic meters in 2011, the state energy firm SOCAR’s Vice-President Khoshbakht Yusifzada told the press Thursday. It was predicted that over 50 million tons of oil would be extracted this year.
The oil production volumes will be 46-50 million tons next year, Yusifzada said.
The reduction in Azerbaijan’s oil production is related to the revision of the program of drilling on the block of Azeri-Chirag-Gunashli (ACG) fields in the Caspian Sea, SOCAR head Rovnag Abdullayev said earlier.
Abdullayev said oil production of 50 million tons is an optimal volume for Azerbaijan.
According to Yusifzada, a total of 248m tons of oil has been produced since the development of ACG fields began. 120m tons of the volume is made up by profit oil.
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