Azerbaijan may increase gas production by 40%

Baku. 2 June. REPORT.AZ/ "Over the past 10 years, natural gas production increased by 4 times and reached 29 bln. cubic meters per year." Report informs, President of State Oil Company of Azerbaijan Republic (SOCAR) Rovnag Abdullayev said at the Caspian Oil & Gas-2016 conference in Baku.

SOCAR President noted that "Azneft" Production Unit had developed 49 fields until today: "9 grounds will be laid for drilling of 81 wells in 2016-2017."

"Investments in the block of fields "Azeri-Chirag-Guneshli" totaled to 41 billion USD. Before completion of the term of operation, we plan to achieve oil production to 5 billion barrels, as well as get additional 4 billion barrels due to increase oil recovery factor", said R.Abdullayev.

SOCAR President said that as a result of environmental activities, additional 281 million cubic meters of gas have been received. Due to these works, SOCAR was awarded twice. The company occupies the 5th place in the world for environmental protection.

"We have an opportunity to increase gas production to 40 billion cubic meters per year in the future", R.Abdullayev stated.