Azerbaijan’s proven hydrocarbon reserves are estimated at 4.5 billion tons of equivalent fuel, head of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev said in Baku on Tuesday during a forum on the building of a new complex for oil and gas processing and petrochemical production in Azerbaijan.

“Azerbaijan’s forecasted hydrocarbon reserves are estimated at 10 billion tons of equivalent fuel according to preliminary data,” Abdullayev said.

As Abdullayev said during the forum, great successes have been achieved in the field of oil and gas production as a result of cooperation with foreign partners. In particular, oil production has increased six-fold up to 50 million tons per year. While natural gas production in 2004-2011 has increased by 5.2 times – from 5 billion cubic meters per year to 26 billion cubic meters respectively.

At present, daily oil production in the country amount to about one million barrels.

“Currently, preparations for realization of the second phase of the development of Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea is under completion within the plans to increase gas production in the country,” SOCAR president said.

At the same time, Abdullayev said SOCAR has great plans to increase gas production in Azerbaijan. In recent years, gas fields such as Umid and Absheron have been discovered, and there are great expectations from the perspective structures Nakhchivan, Shafag-Asiman, Zafar and Mashal.

Abdullayev said the forecasted gas production in Azerbaijan will amount to 30 billion cubic meters a year importance in ensuring energy security, both in the region and Europe.

“Increase in gas production in the country is of great importance against the backdrop of predictions on a growth of Europe’s dependence on imported gas,” Abdullayev said.

At present, he said, the company is choosing a route for gas supplies to Europe, and work is underway within the idea of ​​creating Trans-Anatolian gas pipeline, which will allow to ensure transportation of Azerbaijani gas from the Georgian-Turkish border to Turkey’s border with Europe.

“This pipeline will allow meeting gas demand of brotherly country and Europe,” Abdullayev said.

During his speech, Abdullayev stressed the importance of the forum in terms of implementation of the project of creating a new complex of oil and gas processing and petrochemical production in Azerbaijan.

“I think that the forum will contribute to the implementation of this important and major project,” Abdullayev said.

Source: Trend News Agency & Rigzone