SOCAR to increase oil extraction

Khoshbkht Yusifzadeh, the first vice president of the State Oil Company of the Azerbaijan Republic (SOCAR), said at the presidium of the Azerbaijan National Academy of Sciences that the company will increase oil extraction by optimizing the process. He explained that most extraction was conducted at a depth of 6,000-7,000 meters, where finding oil was unlikely. There are gas condensate wells with 240 million tons of condensate reserves, Trend reports.

1 billion tons of oil have been extracted on the surface. The extracting reserve is 40%. Oil extraction will rise sufficiently if the reserve increases by 10-20%. Yusifzadeh added that the Total, ConocoPhillips, Statoil and the Academy of Sciences were helping with research in Mesozoic layers.

Oil analyst Seymur Aliyev said in an interview with Vestnik Kavkaza that industrial-scale oil extraction in Azerbaijan had continued for dozens of years. In his words, Energy Minister Natig Aliyev said that gas extraction will increase to 50-60 billion cubic meters a year, using the potential of the Umid, Apsheron and other fields.

Aliyev reminded that the Mesozoic layer was up to 10,000 meters deep. Development of the shale reserves there will depend on profitability.

Ilham Shaban, the head of the Center for Oil Research, said that most fields in Azerbaijan were aged 50-60 years, some over a century old. Their extractability is about 15-16%, underwater fields have 25%. One oil well 3,500-4,000m deep may cost $5-10 million. Measures to improve extraction efficiency will cost about $2 million.

According to Shaban, the last geological exploration on the surface, apart from Apsheron, took place in the northwest in the 1960-1970s, followed by exploration in the Caspian. He reminded that shale reserves had been found in the 1950s.

Khoshbkht Yusifzadeh, the first vice president of the State Oil Company of the Azerbaijan Republic (SOCAR), said at the presidium of the Azerbaijan National Academy of Sciences that the company will increase oil extraction by optimizing the process. He explained that most extraction was conducted at a depth of 6,000-7,000 where finding oil was unlikely. There are gas condensate wells with 240 million tons of condensate reserves, Trend reports.1 billion tons of oil have been extracted on the surface. The extracting reserve is 40%. Oil extraction will rise sufficiently if the reserve increases by 10-20%. Yusifzadeh added that the Total, ConocoPhillips, Statoil and the Academy of Sciences were helping with research in Mesozoic layers.Oil analyst Seymur Aliyev said in an interview with Vestnik Kavkaza that industrial-scale oil extraction in Azerbaijan had continued for dozens of years. In his words, Energy Minister Natig Aliyev said that gas extraction will increase to 50-60 billion cubic meters a year, using the potential of Umid, Apsheron and other fields.Aliyev reminded that the Mesozoic layer was up to 10,000 deep. Development of the shale reserves there will depend on profitability.Ilham Shaban, the head of the Center for Oil Research, said that most fields in Azerbaijan were aged 50-60 years, some over a century old. Their extractability is about 15-16%, underwater fields have 25%. One oil well 3,500-4,000m deep may cost $5-10 million. Measures to improve extraction efficiency will cost about $2 million.According to Shaban, the last geological exploration on the surface, save from Apsheron, took place in the northwest in the 1960-1970s, followed by exploration on the Caspian. He reminded that shale reserves had been found in the 19