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SOCAR: In the coming years, Azerbaijan will significantly increase oil and gas production

08 June 2011 07:55 (UTC +04:00)

The main organizer of the exhibition and conference is Iteca Caspian Company.

Delivering keynote speech at the event, SOCAR President Rovnag Abdullayev said that Azerbaijan considered the diversification as priority direction in energy sphere and tries to contribute to supply of Europeâ€™s energy security.

Speaking about development history of oil-gas sphere during the independence period of Azerbaijan, Abdullayev noted that in 1997-2010, annual oil production in the country rose 5.6 times to 50.7 mln tons, 140 mln tons or 1 mln barrel oil is produced daily.

â€œChirag Oil Project implemented within framework of Azeri-Chirag-Gunashli development project located in Azerbaijani sector of the Caspian Sea, stepped into new stage. First oil within Chirag Oil Project is expected to produced in IV quarter of 2013â€, said SOCAR President.

Touching upon Shahdaniz project, Abdullayev said that currently, daily production made 23 mln cubic meters or 5 mln barrels of condensate here. Extra 16 bn cubic meters of gas is expected to produce within the II phase of Shahdaniz project. Nearly 30 wells are planned to dig for this purpose. First oil in this stage is expected to produce in 2017.

â€œIn general, in 2004-2010, gas production in Azerbaijan increased by 5.2 times, from 5 bn to 26 bn cubic meters. Proven conditional energy reserves of the country make 4.2 bln. tonsâ€, he added.

â€œAs to Umid structure, I can say that 40 mln tons of condensate and 200 bn cubic meters of gas of the reserves are located here, 400 bn cubic meters and 80 mln condensate â€“ in Babek structure, 600 bn cubic meters â€“ in Absheron and Nakhchivan structuresâ€, Abdullayev noted.

Moreover, he added that in 2015, Azerbaijan would deliver oil production to 55 mln tons, gas production to 30 bn cubic meters.

According to words of Abdullayev, in 2020, 70% of Europeâ€™s need for gas will be supplied on account of the import, and 85% in 2030.

SOCAR president noted that main part of Azerbaijani oil, as well as Turkmenistanâ€™s oil exported via the Caspian was put up to sale by Baku-Tbilisi-Jeyhan pipeline: â€œIn general, Azerbaijan exports its oil products to 33 countriesâ€.
Speaking about international transportation projects such as ITGI, TAP and other, Abdullayev noted that Azerbaijan supported diversification of transport systems.