There are big oil reserves in Azerbaijan, and the work continues on the exploration of new oil fields and drilling oil wells, first vice president of Azerbaijan’s state oil company SOCAR, academician Khoshbakht Yusifzade said.
He made the remarks during a round table meeting held by the ruling New Azerbaijan Party (YAP) and dedicated to the 25th anniversary of the “Contract of the Century”, Trend reports Sept. 18.
Yusifzade noted that there are four billion tons of confirmed oil reserves in Azerbaijan.
He said that so far, Azerbaijan has delivered 554 million tons of oil to foreign markets.
The academician added that since the commissioning of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, 492 million tons of oil have been extracted there.
He noted that Azerbaijan also has great gas potential.
“Exploration of new fields continues,” he said. “The confirmed gas reserves in Azerbaijan are 2.6 trillion cubic meters, but they are expected to be at about six trillion cubic meters.”
He noted that so far, Azerbaijan has transported two billion cubic meters of gas via the Trans-Anatolian Natural Gas Pipeline (TANAP).
He added that the construction of the Trans Adriatic Pipeline (TAP) continues.
“The TAP project is nearing completion, and it will be launched next year,” he said.