Khoshbakht Yusifzade: "Successful development of our new fields creates conditions to balance oil revenues with gas revenues"

“Successful development of our new fields creates conditions for increasing gas production in the country and balancing oil revenues with gas revenues to some extent in the future”.

Report informs, the first vice-president of SOCAR, academician Khoshbakht Yusifzade has said.

Rich and professional oilmen traditions are formed in Azerbaijan which is considered the cradle of the oldest oil industry in the world. But on the other hand, the fact that the world's oldest wells, operated for a long time, locate in our country creates challenges for us. In this regard, our main goal in the coming period is to extend the life of fields by all means. On the other hand, successful development of our new fields creates conditions for increasing gas production in the country and balancing oil revenues with gas revenues to some extent in the future”, - Kh. Yusifzade said.

According to him, by the end of 2019, 20% increase is expected in total gas production across the country: "In the coming years, gas production in the country will continue to grow. This positive trend opens up new opportunities for us in gas processing and the chemical industry as well”.

In the second quarter of 2019, together with other extractive companies Azerbaijan produced 9,061 million tons of oil and 8.238 billion cubic meters of gas in total. 2,441,574 million cubic meters of natural gas was exported during the said period. The increase in natural gas exports associated with the launch of the Southern Gas Corridor was about 37% compared to the same period last year.

In the second quarter, SOCAR produced 1.928 million tons of oil and 1.672 billion cubic meters of gas.