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Tuesday, August 08, 2006

Azerbaijan will produce 1% of world oil

08-01-2006 - Regnum News - During July 27 Baku presentation "Strategic Review of World Power Engineering," British Petroleum expert Mark Henstridge said that with the constantly growing demand for fuel in the world, Azerbaijan plays a special role in ensuring energy security, particularly, because of the oil produced in the Azeri-Chirag-Gunashli fields and supplied to the world markets through the Baku-Tbilisi-Ceyhan pipeline, reports REGNUM correspondent. Presently the share of Azerbaijan in the global oil reserves is 0.3%. This figure is based on the present volume of oil production. As the production and, consequently, the export will grow, this figure will rise to 1%. Somebody may say that this is a small figure, but Azerbaijan still plays a very important role in two directions, Henstridge said. First, the world demand for fuel is constantly growing, and, by increasing its oil production, Azerbaijan will be able to make its contribution in the matter. If, for example, the world oil demand makes 1.2mln barrels a day and BTC transfers 300,000 tons, in one year Azerbaijan will ensure 25% of the world demand growth. Second, because of the growing demand, the world is considering diversifying fuel supplies and, in this light, Azerbaijan is considered as a new source for ensuring the world energy security, says Henstridge.

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