Oil and gas output up in Q1 after reduction
Azerbaijan`s oil and gas production surged in the first quarter of 2012 compared to the same period of 2011, according to official figures.
11.3 million tons of oil and 4.6 billion cubic meters of gas were extracted in the country in January-March, an increase of 33.6 percent and 53.3 percent respectively, the State Statistics Committee said.
Over the next four years, the resource-rich South Caucasus republic plans to gradually increase its oil output. The figure is expected to rise from 45.977 million tons in 2012 to 50.956 million tons in 2015. Thus, in this period the country will bring its oil production to the high level posted in 2010.
As for gas output projections, it is expected to gradually increase from 28.280 billion cubic meters in 2012 to 29.540 billion cubic meters in 2014. In 2015, the figure is expected to decrease 0.8 percent to 29.310 billion cubic meters.
In 2011, 45.4m tons of oil and 25.7bn cubic meters of gas were extracted in Azerbaijan, 10.6 pct and 2 pct respectively below 2010.
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