Azerbaijan sees over $ 1.4 bn in foreign investments in exploration

Apr 27, 2009 02:00 AM

Foreign investments keep on playing their essential role in realization of exploration of oil and gas reserves in Azerbaijan. Khoshbakht Yusifzadeh, the first vice president for field development of State Oil Company of Azerbaijan (SOCAR), said at the 3rd Caspian Oil & Gas Trade & Transport Conference in Baku that foreign investments in exploration at oil and gas fields of Azerbaijan in 1997-2008 totalled $ 1.45 bn.
"For this period 39 exploration wells were drilled and overall exploration reached 166,000 m. Thanks to exploration works, estimated oil reserves at fields increased by 687 mm tons and estimated gas reserves by 1.36 tcm," Yusifzadeh said.

Currently oil and gas production in Azerbaijan is being conducted in accord with 16 oil contracts.
"One of the largest fields is Azeri-Chirag-Gunashli block. Presently daily production form this field is 120,000 tons of oil and 23 mm cm of associated gas. As a whole, from the very beginning of ACG block development it has been produced 150 mm tons, and 48 mm tons of them fell on the share of profit oil of Azerbaijan," Yusifzadeh emphasized.

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