Reduction of oil extraction in Azerbaijan was carried out according to terms of petroleum developments, Chairman of the State Statistical Committee Arif Veliyev said, Trend reports.
Vice President of the State Oil Company of the Azerbaijani Republic (SOCAR) for geology, geophysics Khoshbakht Yusifzade said that Azerbaijan planned to extract45.45 million tons of oil, compared with 45.3 million tons in 2011.
Azerbaijan has about 2 billion tons of oil reserves, according to proven estimations.
Azerbaijan expected to extract 50 million tons in 2010. One of the main reasons for extraction reduction last year is technical activities at the Azeri-Chirag-Guneshli Field. The optimal extraction rate is 50 million tons annually.
