The head of the Baku center for oil research, Ilham Shaban, talked to Vestnik Kavkaza about the prospects of the development of the oil sector in Azerbaijan. The expert said that oil revenues will continue to prevail over gas revenues while the oil industry can produce as much oil as it produces now for the next 60 years.
"From the discovery of the "Azeri-Chirag-Guneshli," in the following 30 years, in fact, almost everything has been drilled and explored. Since then only one large oil field, Kashagan, has been discovered in the Caspian Sea, and there are no more deposits in the central and southern parts of the Caspian, now there are very high hopes for deposits of condensate.
The expert mentioned that Azerbaijani oil revenues are very high, especially if compared to gas revenues. Therefore, gas is unlikely to become the foundation of Azerbaijani revenues in the future.
