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Azerbaijan doubles gas exports over the past 2 years

04 June 2009 16:52 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. On its second day, the 16th International Caspian Oil and Gas Conference has today focused on the implementation of oil and gas projects in Azerbaijan, and the Nabucco, TAP, ITGI, BTC, the situation and prospects for the European gas market etc..

SOCAR First Vice-President Khoshbaht Yusifzade said at the conference that geological research started since 1997 revealed that Azerbaijanâ€™s recoverable hydrocarbon reserves is 2.050 billion tonnes more than the previous projection.

â€At present, Azerbaijan’s proven hydrocarbon reserves are estimated at 4 billion tonnes. In my opinion, this figure will increase to 8-10 billion tonnes by 2015 as new exploration work is carried out.

He noted that Babek, Zafar-Mashal, Nakhchivan promising structures will be launched in the next 6 years for gas production.

According to him, SOCAR had resorted to the use of nanotechnology for the first time in the history of the oil industry.

â€œThe introduction of nanotechnology in 60 wells increased production increased, and as a result, 25 manats were earned in profit against 1 manat in spending,â€ he added.

Nabucco Managing Director Reinhard Mitshek talked about the possibilities of transportation of Caspian gas to Europe via the proposed pipeline.

SOCAR Vice-president for Investment and Marketing Elshad Nasirov spoke about Azerbaijanâ€™s opportunities to export its gas.

According to him, over the past 2 years Azerbaijan has doubled gas exports, and offered its transit opportunities to other countries.

He added that Azerbaijan supports transportation projects in all directions.