Azerbaijan turning into leader for oil output growth: BP exec
Azerbaijan is turning into a leader for the pace of oil production
growth, a BP executive has said.
Vladimir Drebentsov, Head of Economics for Russia & CIS at BP Russia, said during a visit to Baku last week that Azerbaijan is among countries - along with Russia and Angola - that are ramping up oil output the most.
He said that in 2008, Azerbaijan could become the sole leader on this indicator. Oil production in the country has broken records in the past years. It amounted to 32.3 million tons in 2006 and 42.6 million tons in 2007. This year, the resource-rich South Caucasus republic will produce 52 million tons of oil, according to projections.
Drebentsov said the entry of Angola, which used to lead the way, to OPEC imposes restrictions on its oil production. As for Russia, the high level of taxes is in the way of increasing output here.
Vladimir Drebentsov, Head of Economics for Russia & CIS at BP Russia, said during a visit to Baku last week that Azerbaijan is among countries - along with Russia and Angola - that are ramping up oil output the most.
He said that in 2008, Azerbaijan could become the sole leader on this indicator. Oil production in the country has broken records in the past years. It amounted to 32.3 million tons in 2006 and 42.6 million tons in 2007. This year, the resource-rich South Caucasus republic will produce 52 million tons of oil, according to projections.
Drebentsov said the entry of Angola, which used to lead the way, to OPEC imposes restrictions on its oil production. As for Russia, the high level of taxes is in the way of increasing output here.
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