Azeri gas reserves enough for 100 years: energy minister
BATUMI - Azerbaijan has enough natural gas reserves to last for
a 100 years, Azerbaijan`s Minister of Industry and Energy Natig
Aliyev said in an interview with the Athens-based newspaper
Ethnos.
"Confirmed oil reserves amount to 1.5bn tons and natural gas -
2.2trln cubic meters. Annual oil production in Azerbaijan makes up
50mln tons. This means that if the new deposits are not discovered,
oil will be depleted in about 30 years.
"However, when talking about hydrocarbon reserves, we proceed from
the modern technological possibilities. Technological progress
enables an increase in oil production.
"As for natural gas, if we do not find new deposits, the existing
reserves will last at least a hundred years. Companies such as BP,
Total and Statoil are working on finding new deposits," Aliyev
said.
The minister added that Azerbaijan’s oil and gas production will
increase this year.
"This year, oil production will increase from 50 to 52.5m tons, and
natural gas - from 23.3 to 28.5bn cubic meters."