The Azerbaijan State News Agency

ECONOMY

AZERBAIJAN TO INCREASE OIL PRODUCTION TO ‘60m TONS BY 2015’

08.03.2010 [17:53]
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Baku, March 8 (AZERTAC). President of Azerbaijan`s state oil firm, SOCAR, Rovnag Abdullayev has said the country plans to bring its oil production to 60 million tons by 2015.

Abdullayev said the country`s gas production will also see considerable jump, saying “we plan to start extracting 35 or 40 billion cubic meters of gas starting from 2015”.

“In the nearest future we plan to embark on development and exploration of new oil and gas fields in the Azerbaijani section of the Caspian Sea. And this will allow us to considerably increase our oil and gas production by the year 2015.”

“And it will also contribute to increasing Azerbaijan`s role in ensuring Europe`s energy security,” added Abdullayev.