Bloomberg News

Azerbaijan Says Oil, Natural-Gas Production Will Decline in 2011

October 11, 2011

Oct. 11 (Bloomberg) -- Azerbaijan’s oil and natural gas output will decline in 2011 from a year earlier, the Finance Ministry said in a report on its website today.

Oil production will slum 10 percent to 45.6 million metric tons and gas output will decline 3.4 percent to 25.3 billion cubic meters, the ministry said without giving a reason for the decline.

The State Oil Co. of Azerbaijan, also known as Socar, had earlier attributed the fall in oil output to increased safety measures at the BP Plc-operated Azeri-Chirag-Guneshli field following the Gulf of Mexico oil spill.

The Finance Ministry also said that 2012 gas production will grow 12 percent to 28.3 billion cubic meters, while oil output will almost stay flat with 46 million tons next year.

--Editor: Zoe Schneeweiss

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net


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