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25.08.2016 12:08

Azerbaijan considers ways to boost oil extraction

Azerbaijan is planning to raise its oil output by means of nana technologies, increase of oil recovery efficiency and development of new onshore fields, said Khoshbakht Yusifzade, the first vice-president of SOCAR.

All fields that we have developed recently were gas fields. This is related to the fact that development of all shallow bedding oil fields has been almost completed. Herewith, opportunities of oil extraction at the depth of 6,000-7,000 meters are lesser than those of gas production, therefore major portion of off-shore fields are gas-condensate. Of course we also need oil and there are several ways for the increase of on-shore oil extraction. One of the ways is development of new on-shore fields, which should be explored in Mesozoic deposits, and we are currently working with our partners in this direction, he said.

Yusifzade also mentioned that the growth of oil extraction is possible by means of increase of recovery efficiency on old fields.

Some 1.85 billion tons of oil has been so far extracted in Azerbaijan. Approximately 1 billion of the volume falls to a share of on-shore extraction. Nevertheless, oil recovery efficiency on the fields amounted to only 0.4 percent. We will be able to boost oil extraction should we increase the index up to 0.5-0.6 percent, he said.

Yusifzade believes that the other method is the use of nana-technologies. Most of discoveries are being made due to nana-technologies, which are used in medicine and other spheres, including oil industry. The technologies may assist us in a bid to boost oil production rate, he said.

Meanwhile, wide-ranging negotiations with the participation of 17 gas giants are scheduled for September 4-5 in Varna, Bulgaria. SOCAR will represent Azerbaijan in a meeting, which is expected tobe focused on the creation of gas hub at the territory of Bulgaria as well as possible ways of delivery of natural gas for the hub.

The major part of oil and gas produced in Azerbaijan, accounts for ACG block of oil and gas fields and Shah Deniz gas and condensate field developed by the State Oil Company of Azerbaijan (SOCAR) jointly with foreign partners.

The Azeri-Chirag-Gunashli (ACG) field, which lies 120km off the coast of Azerbaijan, is considered to be the largest oilfield in the Azerbaijan sector of the Caspian Sea.The proven oil reserves of the block amounts to approximately one billion tons.

Shah Deniz field, located on the deep water shelf of the Caspian Sea, 70 km south-east of Baku is one of the worlds largest gas-condensate fields.

Some 24.7 million tons of oil and gas condensate was extracted in the country in January-July 2016. The index is 0.7 percent higher than the rate fixed in the same period of 2015. The country extracted 41.69 million tons of oil and gas condensate in 2015, as against the volume of 41.9, extracted a year earlier.

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