SOCAR to continue ensuring Eurasian energy security

SOCAR will continue ensuring the energy security of the Eurasian area via investments in production and transportation, as well as the geographic expansion of targeted investments, SOCAR head Rovnag Abdullayev said at the sixth KAZENERGY Eurasian forum in Astana, Trend reports on Thursday..

He added that Azerbaijan will produce more than 46 million tons of oil and more than 27 billion cubic meters of gas in 2011.

"We expect that gas production in the country will reach 50-55 billion cubic meters a year by 2020-2025 as a result of the further development of prospective structures and fields," he said. "We think that these reserves will play a significant role in ensuring Eurasia's energy security."

He said besides playing the role of an energy supplier, Azerbaijan will also play a significant role in the diversification of transport and transit routes. This is an essential component of energy security.