SOCAR’s first vice-president Khoshbakht Yusifzade made the remarks April 29 at a joint meeting of the Presidium of the Azerbaijan National Academy of Sciences.
All the fields developed by SOCAR are mainly gas and condensate fields, according to Yusifzade.
“The reason is that we are currently working at the deep structures and accordingly, it is unlikely to discover oil at 6,000-7,000 meters of depth,” he said. “These are mainly gas fields.”
Undoubtedly, there are also condensate fields, according to SOCAR’s vice-president.
Furthermore, he added that the development of oil wells has been delayed in recent times.
“Which measures can be taken in order to increase the oil production? Fist of all, it is necessary to increase the oil recovery factor,” he said. “To date, we have produced 1 billion metric tons of oil onshore.”
“However, there is balance reserve and production reserve,” the first vice-president said. “Production reserve in Azerbaijan is only 40 percent. If we can increase the production reserve by 10-20 percent, it is possible to significantly increase oil production.”
He said a special commission has been created, which is working to increase the oil recovery factor.
“Another question is the study of Mesozoic sediments,” Yusifzade said. “Today we are working in this field with the companies Total, ConocoPhillips, Statoil. Also, negotiations on this issue are underway with ANAS.”
The third important issue is the application of nanotechnologies in the oil and gas sector, which will increase the oil recovery factor, according to him.
“Finally, another important point is production of oil and gas from shale,” said Yusifzade. “In this regard, there is some disagreement, but we believe that Azerbaijan has the ability to extract oil and gas from shale, no matter which results we will have.”
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