TODAY.AZ / Business

Azerbaijan's oil output to hit 47 mln tons in 2007

20 September 2006 [15:37] - TODAY.AZ
Azerbaijan's crude production will reach 47 million metric tons (345 mln bbl) in 2007, rising about 40% over the next two years, the president of the country's state-run oil company said Wednesday.

Rovnag Abdullayev, CEO of the State Oil Company of Azerbaijan (SOCAR), said the Caspian country's oil output is expected to reach 65 million metric tons (478 mln bbl) in 2009.

According to Azerbaijan's industry and energy ministry, crude output in Azerbaijan in 2005 was 22.2 million metric tons (163 million bbl), representing a 43% year-on-year increase.

SOCAR is part of the Azerbaijan International Operating Company, the BP-led consortium that operates the country's Azeri-Chirag-Gunashli (ACG) offshore oilfield, with estimated recoverable reserves of 5.4 billion barrels.

/RIA Novosti/

URL: http://www.today.az/news/business/30435.html

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