Bank Of Baku

Ali Hasanov: “Azerbaijan has 14 billion barrels of confirmed oil resources and 2.55 trillion cubic meters of natural gas”

Ali Hasanov: “Azerbaijan has 14 billion barrels of confirmed oil resources and 2.55 trillion cubic meters of natural gas”
# 23 September 2011 08:53 (UTC +04:00)
Baku. Parvin Abbasov – APA. “Azerbaijan has 14 billion barrels of confirmed and 20-24 billion barrels of estimated oil resources”, Ali Hasanov, head of the Public Policy Department of the Presidential Administration, said during the international conference organized by the Association for Civil Society Development of Azerbaijan on the 20th anniversary of the state independence of the republic.

The country also has 2.55 trillion cubic meters of confirmed natural gas resources, but estimated figure exceeds it four times. “Azerbaijan can develop current rate of gas production at least one hundred years more”.

Hasanov said Azerbaijan has the richest natural resources in the South Caucasus. “Azerbaijan is also only country in the region which can ensure its energy security”.

Hasanov said Azerbaijan is only post-soviet country, which supplied gas to 90% of its territory.
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