XII International Oil-Gas Conference started in Baku

The industry and energetic minister Majid Karimov opened the conference with his preamble speech and informed that the conference would continue its work in the plenary session during two days. “Strategic development of oil and gas reserves of the Caspian Sea” was a topic of a discussion in the first session. M.Karimov said that $ 70 milliard would be invested in Azerbaijan in the frame of 25 contracts signed on oil and gas production till today in parallel with the “Contract of the century”. According to this, it is intended to produce 60 million tons of oil and 20 milliard cubic meters of natural gas. Incomes of Azerbaijan would exceed $ 100 milliard.

The president pf the “bp-Azerbaijan” company David Woodward said that keenly decreasing of the price of oil was not expected for the near future years. According to his words, even though the price will reduce, it will not be lower than $ 40.

The representative of the foreign relations of Energetic and oil policy department of the Energetic Ministry of Great Britain Ann Eggington said that the demand to oil and gas increased in Europe and the changes were to be expected to take place by transferring Azerbaijani gas to Europe.

The second session of the conference was devoted to the “”Exploration and exploitation in the Caspian Sea” subject. The president of the State Oil Company Natig Aliyev, the vice-president of the TPAO Company of Turkey Mete Gurel, the president of the “KazMunayGas” company of Kazakhstan Uzakbay Karabalin, the president of the “Statoil-Azerbaijan” company George Gunderson made their speech in the session.

/APA/