The State Oil Company of Azerbaijan (SOCAR) intends to begin natural gas production at Azerbaijan’s Absheron field in the Caspian Sea in late 2019 or early 2020.
SOCAR official Vitaliy Beglyarbekov said that SOCAR expects the country’s crude oil output would stabilise starting from 2020.
«Oil output in Azerbaijan is falling by 7-10 percent per year due to natural reasons. But oil output will stabilise from 2020,» Reuters cited him as saying.
Absheron is an offshore gas field in the Caspian Sea. It covers about 270 square kilometres and is operated by French major Total.