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Minister Natig Aliyev: â€œNew wells must be drilled in Azeri-Chirag-Gunsehli fieldsâ€

15 October 2012 09:09 (UTC +04:00)

He says decrease of extraction in ACG must be substantiated by BP-Azerbaijan: â€œBP-Azerbaijan company associates the decrease with technical measures. On the other sides, exploitation of each field must have scientific bases. It must be diagnosed on the reasons of and necessary measures must be takenâ€.

According to him, President Ilham Aliyev assessed it fairly and SOCAR must strengthen the control on process.

He also reminded that, BP prepared annual program on extraction every year: â€œAnd all considered forecast and measures must be fulfilledâ€.

Oil extraction decrease must not scare anyone: â€œBut, such of decrease is abnormal. It needs to clear this, attract wide scientific circles and find a way out of a situationâ€.

He also noted that, Azerbaijanâ€™s annual oil extraction reached peak at 51 mln tons: â€œWhen AGCâ€™s reserves were assessed at 511 mln tons, the forecast on annual extraction was 35 mln tons. Thereafter, increase of extraction to 65 mln tons was considered as possible. Thatâ€™s why, I think that, new wells must be drilled in the fieldâ€.