bp company: “BTC to play significant role in world oil demand growth”

According to him, on the results of 2004 the average world oil prices were $38 per barrel. “Such oil prices have been ensured due to the energy carriers demand growth and the essential development of many countries’ economies”, he pointed out.

According to the BP data, by present estimates utilization of the proved world oil reserves will be sufficient for the next 40 years, gas - for 67 years, coal - for 164 years. «Among all world energy carriers, the oil occupies today 40 %, and it does not portend decrease of the monopoly’s availability», - he noted.  

Touching upon the future oil deliveries from Azerbaijan through the Baku-Tbilisi-Ceyhan (BTC) pipeline, Hanstridge said, that the share of the oil, delivered through the BTC, will be small in the general crude oil demand, but in the oil demand growth this project’s role will be big.

«After China, India today is the most rapidly developing market in the world”, the BP spokesman said.  

According to the BP report, the proved oil reserves in Azerbaijan by the end of 2004 were 1 billion tons or 7 billion barrels, which is 0,6% of the proved world oil reserves.

BP, the biggest oil and gas operator in the Azerbaijani sector of the Caspian, develops, in particular, the block of the off-shore oil fields “Azeri – Chirag - Gyuneshli” and the gas condensate field - “Shah –Deniz”.

According to the BP document, the proved gas reserves in Azerbaijan by the end of 2004 were 1,37 trillion cu m, which makes 0,8% of the whole world gas reserves.