News Archive
02/04/2012 - Azerbaijan to significantly increase gas production
KAZINFORM. Under its plans, Azerbaijan intends to increase gas production up to 30-40 billion cubic meters a year, Azerbaijani Industry and Energy Minister Natig Aliyev said at the EURONEST Parliamentary Assembly's Energy Security Committee meeting in Baku on Monday.
With regard to plans for oil production, Aliyev said the main thing in this issue is to ensure the production of one million barrels per day.
Implementation of energy projects has enabled Azerbaijan to increase production volumes, Trend reports.
"Some $35 billion was spent on this between1994-2010," Aliyev said.
He said special attention should be paid to the effective use of energy resources, particularly, oil. For this purpose, it is necessary to ensure wide application and use of alternative and renewable energy sources.
Minister Aliyev said very high oil prices in the future may have a negative impact on the global economy.
According to the State Statistics Committee, in 2011, Azerbaijan produced 45.37 million tons of oil and condensate, or 10.5 per cent less than the 2010 production.
Gas production in Azerbaijan in 2011 amounted to about 26 billion cubic meters, or 2.2 per cent less than in 2010.
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