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Azerbaijan`s oil production hit 39.5 mln

13 December 2013 10:51 (UTC+04:00)
Azerbaijan`s oil production hit 39.5 mln

The State Statistics Committee reported that the oil production in Azerbaijan amounted to 39.5m tons in January-November 2013.

The figure is more by 0.2% over the same period of the last year.

Oil production in Azerbaijan in 2012 amounted to 43m tons, 2.4m tons less than in 2011. SOCAR's output accounted for 8.17 million tons of the mentioned volume.

According to the state forecasts, the country's oil production will hit 44 million tons in 2013, 49.5 million tons in 2014, and 50.86 million tons in 2015.

The country's largest hydrocarbon basins are located offshore in the Caspian Sea, particularly the Azeri Chirag Guneshli (ACG) field, which holds the vast majority of Azerbaijan's total reserves, with approximately 5 billion barrels located in this field, and Shah Deniz field, reserves of which will be transported to Europe.

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