Azerbaijan’s initial oil reserves reach $30 bln
Baku. Shamil Alibayli – APA-Economics. “Caspian and Central Asia regions have large hydrocarbon reserves and these reserves play an important role in energy supply of European countries”, said the Azerbaijani Deputy Minister of Industry and Energy Natig Abbasov at the 2nd Forum “South Caucasus in a changing world”.
According to him, 7% of world gas reserves is in the Caspian region and this means 14 trillions cm of gas: “This is sufficient for region for 70 years. Found oil reserves make 48 bln barrels or 3.5% of world reserves. We plan the natural gas reserves of Caspian region to make 135 bcm of gas, which 35 bln falls to share of Azerbaijan. Caspian region has produced 25.8 bln barrels of oil so far and this means 19% of initial oil reserves. Remaining oil reserves in the fields are 108 bln barrels or 4.7% of world reserves. Initial oil reserves of Azerbaijan are 29.9 bln barrels. Of this, 11.7 bln barrels have been extracted”.
Abbasov said that oil production quintupled recent years and hit record in 2010.