BAKU: Azerbaijan plans to keep its annual oil output at 40-45 million tonnes but aims to double annual natural gas production from 29 billion cubic metres (bcm) within the next few years, the country’s energy minister said on Wednesday.
“Annual oil production now is 42 million tonnes. We will try to keep oil output at 40-45 million tonnes,” Natig Aliyev said at the annual Caspian Oil & Gas 2015 conference.
“Annual gas production is 29 bcm, but Azerbaijan has a big gas potential and we will try to double this amount within the next few years,” he said.
Crude oil and condensate production in Azerbaijan fell to 41.9 million tonnes last year from 43.1 million in 2013. Natural gas output was at 29.2 bcm in 2014. The country plans to produce 40.3 million tonnes of oil and 29 bcm of gas in 2015.
