Azerbaijan’s oil output to drop sharply 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, not even enough to fill the Baku-Ceyhan pipeline," he added.

The company plans to produce around 60 million tonnes in 2015.

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.

/APA/