Confirmed Oil Reserves in Azerbaijan Amount to 1.5 Billion Tons - President Ilham Aliyev
2017 November 10 ( Thursday ) 10:29:12
Baku/10.11.17/ Turan: "The confirmed oil reserves in Azerbaijan are 1.5 billion tons today, and the forecast reserves are 2 billion tons," President Ilham Aliyev said said at a ceremony dedicated to the production of a 2-billionth ton of oil in Azerbaijan.
According to him, 460 million tons of oil has been extracted from the Azeri-Chirag-Gunashli (ACG) block of fields. "The extension of the contract for the development of the Azeri-Chirag-Gunashli (ACG) fields until 2050 indicates that Azerbaijan has sufficient oil reserves," Mr. President said.
Regarding natural gas reserves in Azerbaijan, Ilham Aliyev said the confirmed gas reserves are estimated at 2.6 trillion cubic meters, and the forecast is approximately 3-4 trillion cubic meters. -0-