Bank Of Baku

Rovnag Abdullayev: “Azerbaijan does not need oil production more than 50 mln tons per year”

Rovnag Abdullayev: “Azerbaijan does not need oil production more than 50 mln tons per year”
# 21 September 2011 08:51 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Due to temporary stop of platform’s activity exploited in Azerbaijan and repair works, oil production has decreased in 2011, SOCAR President Rovnag Abdullayev said.

“Next year, oil production will be more than this year. But I can say that currently, Azerbaijan does not need oil production more than 50 mln tons per year”, he said.

Abdullayev added that next year, gas production would remain at the same level – 26-27 bln cubic meters.

He also noted that this year, it is planned to collect 3.5 bln cubic meters of reserves in the underground gas storages.
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