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Cause of reduction of oil extraction in Azerbaijan released

12 August 2011 15:48 (UTC +04:00)

Baku. Ali Ahmedov â€“ APA-Economics. Cause of reduction of oil extraction is related to gas leaking in exploited platforms in Azer-Chirag-Guneshli field block, said the SOCAR (State oil Company of Azerbaijan Republic) President Rovnag Abdullayev.

According to him, after the same accident, the extraction, including drilling works were stopped and drilling technologies were changed completely.

At the same time, R. Abdullayev noted that, Azerbaijan was satisfied with 50 mln tons of oil per year: â€œThis is enough for both realization of investment programs of the country and increase of SOFAZ (State Oil Fund) reserves. We donâ€™t need to extract additional oilâ€.

Note that, a gas leaking was revealed in the offshore on September 17, 2008. As a result of suspension of works, the oil extraction decreased approximately 50% in AGC platform.

THE extracted oil made 51.1 mln tons in 2010. THE oil extraction during first 7 months made 27.7 mln, down 6.7% from year earlier.