Energy Minister: Azerbaijan's natural gas reserves will be sufficient at least for hundred years

Azerbaijan's natural gas reserves will be sufficient for at least 100 years, Azerbaijan's Minister of Industry and Energy Natig Aliyev said in an interview with the Athens newspaper 'Ethnos'. The Turkish news agency Anatolia reported on Sunday.

"Proven oil reserves amount to 1,5 billion tons and natural gas - 2.2 trillion cubic meters. Annual oil output in Azerbaijan is 50 million tons. This means that if new deposits are not found, oil will end in about 30 years. However, when talking about reserves, we proceed from the possibilities of modern technology. Development of technologies increase probability of increasing oil production. With regard to natural gas, if we do not find new deposits, the existing reserves will last at least for hundred years. Companies such as BP, Total and Statoil are working to find new deposits", Aliyev said.

The minister said that oil and gas output of the country will increase this year.

"This year, oil production will increase from 50 million tonnes to 52.5, and natural gas - from 23.3 billion cubic meters to 28.5," Aliyev noted.


/Trend/