Azernews.Az

Azerbaijan’s gas production is forecast at 27 billion cubic meters in 2011, and the resource-rich country aims to double gas output over the next decade, according to the president of the Azerbaijani state energy firm Socar Rovnag Abdullayev.

Abdullayev told the 6th Eurasia Forum "Kazenergy" in Astana that gas production is to be brought to 50-55 billion cubic meters by 2020-2025, which will play an important role in ensuring European energy security.

He noted that the newly discovered Absheron structure in Azerbaijan's sector of the Caspian Sea holds 350 billion cubic meters of gas and 45 million tons of associated condensates. The Babek field’s reserves are estimated at 400 billion cubic meters of gas and 80 million tons of condensates, while the Nakhchivan field possesses 300 billion cubic meters and 40 million tons respectively. Deepwater gas reserves of Azerbaijan’s offshore Azeri-Chirag-Gunashli (ACG) block of fields amount to 300 billion cubic meters of gas, while the Umid deposit’s reserves are 200 billion cubic meters and 40 million tons of condensates.

Oil production is forecast at about 46 million tons this year, according to the Socar head.