Azerbaijan, a resource-rich South Caucasus republic, forecasts growth in the oil and gas output over the long term in the backdrop of the implementation of large-scale energy projects.
The Industry and Energy Ministry announced that currently the country's proven gas reserves are at the level of 2.6 trillion cubic meters, while the oil reserves amount to 2 billion tons.
The cited indicators ensure future development of the gas industry in Azerbaijan for a period exceeding 100 years.
According to the projections, the country's oil production will hit 51 million tons in 2015.
Gas production will amount to 27.54 billion cubic meters in 2013, 29.39 billion cubic meters in 2014, and 30.19 billion cubic meters in 2015.
According to the projections, the country's oil production will hit 51 million tons in 2015.
Gas production will amount to 27.54 billion cubic meters in 2013, 29.39 billion cubic meters in 2014, and 30.19 billion cubic meters in 2015.
Azerbaijan is an important current and future supplier of both oil and natural gas. The country's largest hydrocarbon deposits are located in the Caspian Sea, particularly, the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields and Shah Deniz gas field.
Source: Azernews
