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Azerbaijan increases oil extraction this year for the first time

17 April 2012 14:49 (UTC +04:00)

So 7.5 mln tons of oil and 3 bcm of gas were extracted in the first quarter of 2011

Oil extraction in January decreased by 4.5%, in January-February â€“ 5%. Gas extraction rose 32.9% in January, 26.8% - in January-February.

Totally, production in mining sector dropped 3.6% in comparison to a year earlier.

Note that, Azerbaijan intends to quadruple oil extraction during next 4 years. So oil extraction is planned to be 45,977,100 tons in 2012, 45,896,600 tons â€“ in 2013, 49,562,900 tons â€“ in 2014, 50,956,600 tons â€“ in 2015.

About gas forecast, gas extraction will reach 28.280 bcm in 2012, 29.220 bcm â€“ in 2013, 29.540 bcm in 20147 and 29.310 bcm in 2015.