Bank Of Baku

Azerbaijan decreases oil and gas extractions by 7% and 40% this year

Azerbaijan decreases oil and gas extractions by 7% and 40% this year
# 16 May 2012 10:41 (UTC +04:00)
According to State Statistical Committee, 14.8 mln tons of oil and 6 bcm of gas were extracted during the reporting period, down 7%, up 40% from year earlier.

Totally, in January-April, production in mining sector decreased by 5.3% compared to a year earlier.

Note that, Azerbaijan intends to increase the oil extraction during next 4 years. So, 45,977,100 tons are expected to extract in 2012, 45,896,600 tons - in 2013, 49,562,900 tons – in 2014, 50,956,600 tons in 2015.

Gas extraction is expected to reach 28.280 bcm in 2012, 293220 bcm in 2013, 29.540 bcm in 2014, 29.310 bcm in 2015.
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