ECONOMY


Azerbaijan able to elevate natural gas production to 40 bn cm per year, SOCAR chief says

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Baku, June 2, AZERTAC

"Azerbaijan is able to increase its natural gas production to 40 billion cubic metres per year," said president of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev as he addressed the Caspian Oil & Gas Conference in Baku.

The president of SOCAR said that Azerbaijan's natural gas production had grown four times to reach 29 billion cubic metres in the past 10 years. "SOCAR's Azneft Production Union has developed 49 fields so far. The foundation of 9 platforms in order to drill 81 wells will be laid in 2016-2017," he said.

Abdullayev noted that a total of $41 billion was invested in Azeri-Chirag-Guneshli (ACG) field blocks. "Five billion barrels of oil is planned to be produced from ACG by 2024. Moreover, by increasing the oil production coefficient, extra four billion barrels of oil will be extracted," he added.

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