X
    Categories: News

Azerbaijan’s oil revenues to reach $3 bln in 2006

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.

Emil Lazarian: “I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS
Related Post