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Gubad Ibadoghlu: Oil output will decline in Azerbaijan from 2011

19 September 2008 16:42 (UTC +04:00)

Baku. Rashad Suleymanov â€“ APA-Economics. Azerbaijanâ€™s Coalition of Public Unions for Increase of Transparency in Extractive Industries has today held a roundtable meeting on the topic of â€œthe 14th anniversary of the Contract of the Century and Transparency Initiative in Oil and Gas Industryâ€.
Gubad Ibadoghlu, Coordinator of the Coalition, said the Contract of the Century was a landmark in the history of Azerbaijan and helped increase Azerbaijanâ€™s economic opportunities and foreign exchange reserves.
He added that oil output will start to decline after 2010.
According to him, Azerbaijan will produce 420 million barrels of oil in 2009, 450 million in 2010, 410 million in 2011, 250 million in 2015 and 110 million in 2020.
He said that 60% of the state budget incomes came from oil sector in 2007.
He underlined the economyâ€™s dependence on oil sector.