Azerbaijan’s oil revenues to reach $3 bln in 2006
07/ 06/ 2006
BAKU, June 7 (RIA Novosti) – Azerbaijan could make $3 billion in oil
revenues in 2006 and may see the figure double in 2007, a major Western
investor in the nation’s oil industry said Wednesday.
David Woodward, President of BP-Azerbaijan, said part of the money would be
brought in by exports of crude from the Azeri-Chirag-Gunashli (ACG)
oilfield.
BP-Azerbaijan is the developer and operator of the ACG offshore deposit,
which holds an estimated 5.4 billion barrels in oil reserves. Woodward said
the project would receive some $20 billion in capital investment at the
development stage.
The BP official, attending an international Caspian Oil and Gas conference
in the Azerbaijani capital, Baku, said that if world oil prices remained
above $60 in the coming years, the country would see its oil earnings double
every year, outstripping GDP by a factor of three by 2009.
According to National Oil Company CEO Rovnag Abdullayev, Azerbaijan will
produce more than 476 million barrels of oil a year by the end of the
decade.
