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Khoshbakht Yusifzadeh: â€œAzerbaijanâ€™s total hydrocarbon reserves are equal to 10 bln tonsâ€

09 June 2011 09:32 (UTC +04:00)

Consequently, the oil extraction rose by 5.6 times, gas extraction â€“ 5.2 times compared to 1997. Totally, $36 bln foreign capital was invested in Azerbaijanâ€™s oil-gas sphere, said the SOCAR 1st vice-president Khoshbakht Yusifzadeh at Oil & Gas Conference-2011.

According to him, main part of oil and gas are extracted from Azeri-Chirag-Guneshli and Shahdeniz perspective structures. So that, at present, 60 well are exploited in ACG, 110,000 tyons of oil and 38,000 cm of gas are extracted per day: â€œGenerally, 238 mln tons of oil and 60 bcm of gas have been extracted since ACG launched. 111 mln tons of this made Azerbaijanâ€™s profit oilâ€.

Speaking about several projects implemented by SOCAR Yusifzadeh noted that, SOCAR and BP conduct preparatory works on exploitation of gas reserves in deep layers and the extraction is planned to start in 2017: â€œGas reserves on this project makes 200-250 bcmâ€.

Speaking about Shahdeniz project SOCAR official noted that, 6 exploitation well worked here, total reserves of structure made 1.2 trillions cm of gas and 240 mln tons of condensate.

Speaking about SOCARâ€™s activity Yusifzadeh noted that, the company exploits 33 fields and and 13 of them are in offshore, 20 â€“ in onshore. Totally, 1,500 wells are exploited.

Speaking about reconstruction of underground gas storages vice-president noted that, 3.1 bcm of gas was pumped into the storages, up twice from year earlier.

Informing about Umid perspective Yusifzadeh noted that, the structure reserves made 200 bcm of gas and 40 mln tons of condensate: â€œBabek structure is larger than Umid. Gas reserves here make 400 bcm, condensate â€“ 80 mln tons. At the end of this year, 3D seismic works will be started in Babek. At the same time, pioneer well is being drilled in Abehsron. The project depth of well is 7,000 metres. 2 exploration wells are beng drilled in Shafag-Asiman, seismic works will start in September, 2011. Project depth is 7,000 metres. Reserves of this structure are 500 bcm of gas and 65 mln tons of condensate. 1 exploration well will be drilled in Nakhchivan structure, project depth will be 6,500 metres. Reserves are 300 bcm of gas and 40 mln tons of condensate.

Besides, he noted that, there were Zefer, Meshel, Krabagh, Ashrafi, Alov and other perspective structures in Azerbaijan. Azerbaijanâ€™s gas extraction will reach 30 bcm in 2015.

He added that, the affirmed oil reserves are 2 bln tons and gas reserves â€“ 2.2 trillion cm. Generally, hydrocarbon reserves are equal to 10 bln ton