Bank Of Baku

Azerbaijan to gradually increase oil production in next four years

Azerbaijan to gradually increase oil production in next four years
# 22 May 2009 13:23 (UTC +04:00)
Baku. Rashad Suleymanov - APA-Economics. This year Azerbaijan plans to produce 9 billion cubic meters of natural gas from Shah Deniz and 40 000 barrels of condensate per day (2 million tons per year) and keep this production rate until Shah Deniz Phase 2 is launched, said Minister of Industry and Energy Natig Aliyev.

According to him, the country is forecast to produce 46 million tons of oil this year.

“Production will gradually increase over next four years. Azerbaijan’s hydrocarbon potential allows bringing the annual oil production rate to 65 million tons per year and maintaining this production rate,” he added.

Azerbaijan produced 44.5 million tons of oil in 2008 against the forecast of 52 million tons due to technical failure at Central Azeri Platform.
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