ECONOMY
8 MLN TONS OF OIL AND 4 BLN CUBIC METERS OF GAS WILL BE PRODUCED IN 2004
For the purpose of further development of oil and gas industry in Azerbaijan and increasing off-shore and on-shore production, specialists of the Industrial Association “Azneft” have prepared and submitted the program of complex measures to the State Company of Azerbaijan. According to the program, 8 million tons of oil and about 4 billion cubic meters of natural gas will be extracted this year. To reach high showings in both fields, the program envisages including 62 wells drilled in operating well stock and extracting over 388 thousand tons of oil. Some 95 thousand tons of oil is planned to be produced from the well N281 to be put into operation from inactive well stock.
It is also expected this year to produce 721 thousand tons and 425 thousand tons of oil due to various technical solutions and from repaired wells.
The plan of actions covers the period from 2004 to 2008, during which 22 well are expected to be drilled on 5 active deep-water jackets of Gunashli field. According to preliminary estimations, these wells will produce over 13 billion cubic meters of gas and some 2 million tons of oil. In all, 411 wells to be drilled within the next four years on off-shore and on-shore fields, will allow to bring average annual production capacity up to 5 bln cubic meters of gas and 8,9 million tons of oil.