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Azerbaijan Plans to Increase Oil Production to Almost 51 Million Tons in 2015

The Azerbaijani Ministry of Industry and Energy anticipates increase in oil production up to 51 million tons in 2015.

According to the prognosis, oil production will reach 41.06 million tons in 2013, 49.5 million tons in 2014 and 50.86 million tons in 2015. At the same time, the State Oil Company of Azerbaijan (SOCAR) will keep oil production levels within no less than 8 million tons in the medium term.

Currently, proven oil reserves in Azerbaijan are estimated at 2 billion tons.

Source: Trend

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