ECONOMY


OVER 11,5 MILLION TONS OF OIL PRODUCED FOR 9 MONTHS OF 2003

For January-September 2003, Azerbaijan produced 11,543 million tons of oil and natural gas or by 0,8 percent more than that of the same period of last year. According to SOCAR, the Azerbaijan International Operating Company produced 4,859 million tons of the total volume from the “Chirag” platform. Production of oil by the international consortium increased by 1,9 percent.

At the same time, gas extraction for the reporting period decreased by 0,7 percent up to 3,83 billion cubic meters. 2,366 billion cubic meters of this is associated gas, which increased by 1,5 percent than that of the same period last year.

According to the forecasts for 2003, oil production in Azerbaijan is expected around 15,25 million tons and 8,8 million tons out of them will be extracted by SOCAR, while 6,450 million tons fall to the share of AIOC. Gas production is expected in the region of 5,04 billion cubic meters.

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