Vice President of the State Oil Company of the Azerbaijani Republic (SOCAR) Khoshbakht Yusifzade said on Thursday that the company had spent $45 billion on geological exploration at the Caspian Sea in the last 20 years, 1news reports.
Exploration was held at 18 structures, 34 boreholes were drilled, the official said at the 19th Caspian Oil and Gas Conference in Baku. Exploration was organized at Shah Deniz, Karabakh, Yanan-Tala, Absheron. Boreholes vary between 14 and 740 m in depth. Their total depth is 159,000 meters.
Azerbaijan increased its hydro carbon reserves by 2.775 billion tons. Over 50% of exploration works gave positive results, compared with the average world rate of 30%.
