Azerbaijan expects oil production to reach 65 mm tons by 2010

Mar 15, 2009 01:00 AM

In Vienna, at the OPEC headquarters, members of the cartel and non-member countries Azerbaijan and Russia came together on the 152nd OPEC conference to discuss instabilities in the oil markets and whether to reduce oil production for cartel countries.
Talking on behalf of the Russian Federation, Igor Sechin stated that it is important now to attract independent oil producing countries like Kazakhstan, Azerbaijan, Norway and Brazil to support stabilizing oil markets.

In his speech, the minister of industry and energy of Azerbaijan, Natik Aliyev said that the main principles of the energy policy of Azerbaijan are to meet the country's needs and demand of energy resources, to ensure complete energy security of the country, to increase the role and importance of Azerbaijan government in the world economy and to create a reliable east west energy corridor for delivering energy recourses to the European market.
Stability of supplies and security of the energy transportation to the world markets, as the most important and essential factor of sustainable development, meet the interests of the entire international community.

A total of 45 mm tons of oil was produced in Azerbaijan in 2008. Production will increase up to 65 mm tons in 2010. Proved industrial and recoverable reserves of Azerbaijan are 2,2 bn tons of oil on existing oil fields and can be increased up to 5 bn tons in case of successful exploration works.
The role and importance of Azerbaijan for the world economy as one of the biggest energy producing countries, creating reliable East-West energy transport corridors for delivering energy resources to world markets become more and more evident.

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