Natig Aliyev: Oil companies may encounter difficulties in realization of mega-projects

Tural Ibadli
Author

Baku. 2 June. REPORT.AZ/ "Oil prices in world market have fallen to their lowest levels of the 2000s.

If the process will continue for several years, the oil companies will face difficulties in the implementation of mega-projects. Report informs, Energy Minister Natig Aliyev said in Caspian Oil & Gas-2016 conference held in Baku.

The minister said that oil production in Azerbaijan increased by 6 times compared with the 1990s: "If in 1996-1997 we produced 9 mln tons, now this figure has increased by 6 times. In 2014, oil production was 51 mln tons, in 2015 - 41.7 mln tons. Last year 29 bln cubic meters of gas produced."

Other News

Azeri Light crude nears $107 per barrel 06 November, 2026 / 10:07
Azerbaijan, Ukraine adopt cooperation plan at Uzhhorod meeting 06 November, 2026 / 09:40
Brent exceeds $100 06 November, 2026 / 09:31
Israel and Germany sign energy cooperation program for 2027 05 November, 2026 / 20:47
Kazakhstan plans to export 1.7 million tons of oil via BTC in 2027 05 November, 2026 / 19:29
Azerbaijan, Ukraine discuss 1,000 MW power plant in Mingachevir 05 November, 2026 / 14:20
Parviz Shahbazov: Baku aims to deepen energy partnership with Kyiv 05 November, 2026 / 14:16
Oil prices fall as US election results shift market outlook 05 November, 2026 / 09:59
Azeri Light oil price falls to $106 05 November, 2026 / 09:52
SOCAR, Comstock ink definitive purchase and sale agreement 05 November, 2026 / 09:18
Azerbaijani energy minister begins visit to Ukraine 04 November, 2026 / 21:47
Azerbaijan's associated gas production projected to rise 1.5% next year 04 November, 2026 / 21:17
ACG oil output forecast at 316,400 barrels per day in 2027 04 November, 2026 / 18:56
Serbia-Azerbaijan project to build gas-fired power plant opens for public consultation 04 November, 2026 / 17:12
BP to launch third phase of 4D seismic survey at ACG in January 2027 04 November, 2026 / 16:45
BP brings deep reservoir oil well online at ACG 04 November, 2026 / 15:35
Sangachal terminal exports 138 million barrels of oil and condensate 04 November, 2026 / 14:45
Sahil Babayev: SOCAR could fund gas network expansion in Azerbaijan 04 November, 2026 / 14:37
Documentary 'Crude & Ink: Stories Written in Oil' premieres in Baku 04 November, 2026 / 13:48
Shah Deniz produced 20 bcm of gas in nine months 04 November, 2026 / 13:00