Azerbaijan’s oil output will drop in a decade
Vidadi Rustamov, SOCAR’s deputy head of operations, told an oil and gas conference in Kazakhstan that the country will see total oil production at 50-52 million tonnes this year.
"By 2018, production of liquid hydrocarbons in our country will go down to about 45-50 million tonnes," he added.
The company plans to produce around 60 million tonnes in 2015.
SOCAR said production rate will not fall sharply and will be maintained high because about new 20 oil contracts for oil production.
He noted that a $4 billion refinery will be built in Azerbaijan by 2018 to process 15 million tonnes of Kazakh crude oil a year, coming through the Caspian Sea.
Industry and Energy
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