TODAY.AZ / Business

Oil reserves on Azerbaijan to run 40 more years

30 June 2005 [08:36] - TODAY.AZ
Azerbaijan has a total of 3.7 billion tons of commercially viable crude oil reserves, with up 1.7 billion tons classified as recoverable stock, says a press statement by the Earth Sciences Sector of the National Academy of Sciences of the Azerbaijan Republic (NASAR).
The evaluation, however, doesn’t cover the corresponding accumulation of contract areas operated by international oil companies. The Azeri – Chirag – (deepwater) Gunashli (ACG) oil fields alone contain 2 billion tons of commercially viable reserves.

With the ACG stock, the entire reserves stand at about 6 billion tons, with a fourth occurred beneath the ground. In Azerbaijan, 57 oil fields are presently operated. “Of them 39 fields are classified as onshore field, with offshore accumulation numbering 18,” reads the statement. A total of 584 production facilities are involved in petroleum development operations across the country.


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