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SOCAR 1st Vice President meets with CEIBC representatives - PHOTOSESSION

SOCAR 1st Vice President meets with CEIBC representatives - <font color=red>PHOTOSESSION</font>

22 September 2011 13:42 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Today, representatives of the Caspian-European Integration Business Club (CEÄ°BC) met with First Vice-President of the State Oil Company Khoshbakht Yusifzadeh.

Delivering speech at the event Yusifzade spoke about the history of oil and gas in Azerbaijan, he noted that if in 1997 the country produced 9 million tons of extracted oil and 5.5 billion cubic meters of gas in 2010 year, these figures were 50 million tons and 26 billion cubic meters, respectively: â€œIn general, 248 million tons of oil were produced from the fields of Azeri-Chirag-Guneshli, located in the Azerbaijani sector of the Caspian Sea, 120 million tons of it were profit oilâ€.

Speaking about the development of ShahDeniz gas field, located in the Azerbaijani sector of the Caspian Sea, Yusifzade noted that the opening of this field had turned Azerbaijan into the gas exporting country: â€œGas reserves of this field are estimated at 1.2 trillion cubic meters and condensate - 240-250 million tonsâ€.

Along with this, Yusifzade touched the new Umid field, he noted that the major gas reserves in the field are 200 billion cubic meters and condensate - 40 million tons.

Also, Yusifzade spoke about the Absheron field, prospective structures such as Asiman, Mashal, Zafar, Nakhchivan and etc.