Azerbaijan’s oil prospects

According to the Azeri Minister for Industry and Energy Natig Aliyev, Azerbaijan has extracted 42.7 million tonnes of oil and 16.6 billion cubic metres of natural gas. Azeri oil reserves are evaluated as consisting of 2.2 billion tonnes and natural gas reserves of 5.5 trillion cubic metres. During the next 4 years Azerbaijan intends to export about 208.2 million tonnes of oil: currently 850,000 barrels are being transported daily through the Baku-Tbilisi-Ceyhan pipeline, but by 2008 this will increase to 1 million barrels.

Natig Aliyev spoke about Azerbaijan’s energy plans on November 14 before opening the Baku Summit. He said that besides increasing the extraction of oil and gas, Azerbaijan also plans to create new transit routes and become actively involved in oil refining activities. Azerbaijan is involved in the construction of an oil refinery in Moldova. It also supports the Odessa-Brody and Trans-Caspian projects, which will transport Kazakh oil via the South Caucasus.