SOCAR estimates projected hydrocarbon reserves at 10 billion tons

14.07.2012 [12:45]
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Baku, July 14 (AZERTAC). Azerbaijan`s proven hydrocarbon reserves are estimated at 4.5 billion tons of equivalent fuel, head of the state oil company Socar, Rovnag Abdullayev, said.

Abdullayev added the country`s projected hydrocarbon reserves are estimated at 10 billion tons of equivalent fuel.

Abdullayev said that currently, preparations for implementing the second phase of the development of Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea is nearing completion as part of the effort to increase gas production in the country.

The SOCAR president said that at the same time, his company has far-reaching plans to boost gas production in Azerbaijan. In recent years, gas fields such as Umid and Absheron have been discovered.

He noted that the company is currently choosing a route for gas supplies from the Georgian-Turkish border to Turkey`s border with Europe.

SOCAR estimates projected hydrocarbon reserves at 10 billion tons

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