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Azeri gas reserves enough for 100 years: energy minister

19 July 2010 13:31 (UTC+04:00)
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."

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