Azerbaijan expects $ 150 bn in oil revenues over 20 years

Jul 12, 2006 02:00 AM

In case the world oil prices is $ 45, over 20 years Azerbaijan can obtain some $ 150 bn only from the implementation of the Azeri-Chirag-Gunashli offshore fields, Azerbaijani Finances Minister, Samir Sharifov, said.
According to Sharifov, at present the hydrocarbon prices at world oil prices are very reasonable. On 10 July, the price of Azeri LT CIF Augusta was $ 72.63 per barrel (-$ 1.71 per barrel against the previous price). The price for Azeri LT FOB, delivered via the Baku-Tbilisi-Ceyhan pipeline, was $ 71.39 per barrel on 10 July (dropped $ 1.77 per barrel as compared to the previous price).

The head of BTC Co pipeline company, Rashid Javanshir, said that this year Azerbaijan’s incomes might comprise $ 3 bn in average world oil prices.
“When the exploitation of the BTC is exploited in the capacity of 1 mm barrels of oil a day and average oil prices is $ 60 per barrel, the country’s oil revenues might reach $ 60 bn,” he said.

The Azerbaijani Minister for Industry and Natural Resources, stated that along incomes from oil export, big investments have been laid in the establishment of the infrastructure and development of fields in the country since 1994.
“Platforms built inline with world standards, the Sangachal terminal, pipelines -- all are active fund of Azerbaijan,” he stressed.

Aliyev noted that if in 1994 they considered the recoverable oil reserves of the Azeri-Gunashli-Chirag fields made up 511 mm tons, now they comprise 900 mm tons.
“I can say that the entire potential of the field is still unknown. There are tremendous hydrocarbon reserves in Pereriv Svtita,” he underlined.

Source: Trend
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