Azerbaijan's Gas Reserves Estimated at 2.5 Trillion Cubic Meters

June 12, 2012
Azerbaijan has proven natural gas reserves of roughly 2.55 trillion cubic meters, while proven oil reserves are estimated at 2 billion tons, first vice-president of the State Oil Company of Azerbaijan (SOCAR) Khoshbakht Yusufzadeh said Tuesday.

Addressing an international conference on Caspian deep-water hydrocarbon reservoirs in Baku on Tuesday, Yusufzadeh said Azerbaijan possesses 6 trillion cubic meters of estimated gas reserves, and 4 billion tons of estimated oil reserves.

Azerbaijan's forecast gas reserves are estimated at 10 billion tons in oil equivalent, Yusufzadeh said, adding that Azerbaijan transports natural gas to Turkey, Georgia, Russia, and proposes to export it to Europe.

Azerbaijan is an important current and future supplier of both oil and natural gas. The country's largest hydrocarbon basins are located offshore in the Caspian Sea, particularly the Azeri Chirag Guneshli (ACG) field, which accounted for nearly 80 percent of Azerbaijan's total oil output in 2010.

The State Oil Company of Azerbaijan Republic (SOCAR) is responsible for producing oil and natural gas in Azerbaijan, running two refineries and the country's pipeline system, while managing Azerbaijan's oil and natural gas imports and exports.

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