Azerbaijan left period of decline in oil production behind - SOCAR

Azerbaijan has overcome the period of decline in oil production, the president of the State Oil Company of Azerbaijan (SOCAR), Rovnag Abdullayev told journalists on Friday.

According to him, the rates of decline were completely overcome both by SOCAR at its own fields, and on Azeri-Chirag-Guneshli block of fields, developed jointly with foreign partners.

Today, oil production figures show that the decline in production has stopped and a slight increase is possible by late 2013, Abdullayev said.

SOCAR First Vice-President on Geology, Geophysics and Mining Khoshbakht Yusifzade said that, some 43 million tons of oil are expected to be produced in Azerbaijan this year.

According to him, in perspective the gas reserves in Azerbaijan may be increased to six trillion cubic meters from the current 2.6 trillion cubic meters.

Azerbaijan has a large gas potential and prospects for discoveries of new fields, Yusifzade said.

SOCAR First Vice-President added that, according to forecasts of specialists, the gas reserves of Shah Deniz gas and condensate field may amount to 1.5 trillion cubic meters.


/Trend/