SOCAR First Vice President: Azerbaijan receives over 110 mln tons of profitable oil

Since development of the Azeri-Chirag-Guneshli offshore fields’ block began in 1997, production has reached 238 million tons of oil and 60 billion cubic meters of gas in the Azerbaijani Caspian Sea, SOCAR First Vice President for Geology, Geophysics and Mining Khoshbakht Yusifzade said at the 18th International Caspian Oil and Gas, Refining & Petrochemicals Exhibition and Conference in Baku on Wednesday.

He said that 111 million tons of the total volume of oil produced was accounted for by Azerbaijan’s profitable oil.

Seven million tons of condensate and 26 billion cubic meters of gas were produced during the Shah Deniz gas condensate field’s period of development.

Yusifzade said that at present Azerbaijan’s proven oil and gas reserves have reached two billion tons of oil and 2.2 trillion cubic meters of gas.

Promising hydrocarbon reserves in Azerbaijan are estimated at providing 10 billion tons of equivalent fuel.


/Trend/