Bank Of Baku

Oil extraction expected to rise 4% in Azerbaijan, this year

Oil extraction expected to rise 4% in Azerbaijan, this year
# 04 March 2011 11:35 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Azerbaijan is forecasted to extract 53.6 mln tons of oil, this year.

According to State Oil Company of Azerbaijan, foreign companies are expected to extract 45.4 mln tons of oil, SOCAR – 8.2 mln tons, in 2011. The foreign companies extracted 43 mln tons of oil, SOCAR – 8.5 mln tons last year. As you see, foreign companies will increase the oil extraction by 5.6%, SOCAR will decrease by 3.5%.

In general, if the forecast is realized, total oil extraction will increase by 4.1%.
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