Economy

Azerbaijan's oil industry in Italian media spotlight

18-04-2019 | 09:40        

  

Italian Agenzia Nova press agency has published an article highlighting Azerbaijan`s oil industry. The article features material from "Market Analysis Azerbaijan 2019" magazine, a special publication of the German-Azerbaijani Chamber of Commerce.

“According to the research and consultancy group Wood Mackenzie, almost $20 billion will be invested in the oil and gas industry from 2018 to 2025,” the article says. “Projects include further industrial development of the large offshore Azeri-Chirag-Gunashli (ACG) deep-water oil field by the Azerbaijan International Operating Company (AIOC) international consortium. The envisaged construction of two oil platforms for the Azeri Central East project is regarded as one of the most investment-attractive individual projects.”

“The AIOC consortium expects to produce 30.9 million tonnes of oil and 29.7 billion cubic metres of gas in 2019,” the article says.

The agency says that over the next few years, SOCAR plans to implement several projects to increase energy efficiency in the production and processing of oil and gas.