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Azerbaijan decreases oil and gas extraction

11 August 2011 13:49 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan has decreased oil and gas extraction by 6.7% and 2% in January-July, 2011.

According to State Statistical Committee, 27.7 mln tons of oil and 15.1 bcm of gas was extracted in 7 months of 2011, while these were 29.7 mln tons and 15.4 bcm in 2010â€™s same period.

Note that, oil extraction is forecasted to reach 51.4 mln tons in 2011. At present, daily oil extraction made 1.1 mln barrels. This index is expected to reach 1.3 mln barrels in 2014.

About blue fuel, the gas extraction is forecasted to be 28.3 bcm in 2011, 29.8 bcm in 2012, 31.1 bcm in 2013, 32.2 bcm in 2014 and 33 bcm in 2015. At the same time, annual gas extraction is planned to be 50-60 bcm after 2020. After exploitation of Shahdeniz II annual gas extraction will be 40 bcm.