Azerbaijan Can Be Reliable Supplier of Hydrocarbons for More Than 100 Years - I. Aliyev

Baku / 28.02.20 / Turan: Confirmed and forecasted gas reserves of Azerbaijan are estimated at 5.6 trillion cubic meters, President Ilham Aliyev said at a VI ministerial meeting in Baku on February 28 as part of the Advisory Board of the South Gas Corridor (SGC) project.

“Our proven gas reserves are 2.6 trillion cubic meters. The projected reserves are 3 trillion cubic meters,” Aliyev said.

Therefore, he added, Azerbaijan can be a reliable supplier of hydrocarbon resources for more than 100 years.

According to him, Azerbaijan continues to work actively with foreign partners to develop new oil and gas fields. In particular, joint work is underway with BP to develop the D 230 project, as well as at the Shafag-Asiman gas field, where the first well will soon be drilled.

In addition, work is underway with BP on a project to develop the shallow part of the Absheron archipelago. This project, as Aliyev noted, has great oil potential.

Along with this, in 2021, together with Total, gas production will begin from the Absheron field, whose reserves are estimated at 300 billion cubic meters.

SOCAR is also actively developing the Umid-Babek block of fields. Currently, 3 million cubic meters of gas are produced daily from the Umid field, the potential of this field exceeds 200 billion cubic meters. Together with Equinor, the Karabakh field is under development.

In addition, SOCAR and BP are successfully negotiating with the goal of developing deep gas strata at the Azeri-Chirag-Guneshli field. –06D-