By the calculations, the proven hydrocarbon reserves in Azerbaijan make up 4.2bn tonnes of conditional fuel and predicted reserves 10bn tonnes. The statement came from SOCAR president Rovnag Abdullayev.
According to him, both onshore and offshore the country has the working fund of more than 40 structures prepared for drilling operations, and currently nternational companies have shown great interest in these structures, to which they were prompted by the best experience of our country in protect investments as well as the successes achieved.
"The new agreements with foreign partners significantly increased legal and economic status of SOCAR. This is no accident. Today, the State Oil Company is a branched industrial complex, which occupies a worthy place in the global energy sector.
Best practices, we have achieved in the framework of cooperation with foreign partners and introduction of modern technologies have paved the way for the comprehensive development of the company.
Its structure has been brought into compliance with international standards and improved, management system optimized, potentials and assets have been raised", said Abdullayev.
The head of SOCAR also stressed the role of Azerbaijan in the implementation of joint projects.
"Today, at the expense of internal resources the company is ready to carry out all types of oil and gas operations onshore and offshore, and SOCAR has powerful financial resources, modern material and technical base, a wealth of experience, human potential, armed with all the latest achievements of science, to this end", he said .
Abdullayev noted that records in the field of oil production are set in Azerbaijan every year with SOCAR playing an important role.
Abdullayev also said that Shah Deniz is now one of the largest gas condensate fields developed offshore and it's proven reserves are estimated at 1.2 trn. cubic meters of gas and more than 240 million tons of condensate.