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Minister: Azerbaijan’s oil and gas revenue to reach USD 400 billion in 16 years

By M. Alkhazashvili
(Translated by Diana Dundua)
Friday, February 15
Azerbaijani Energy Minister Natik Aliyev told journalists that the country’s income from oil and natural gas will reach USD 400 billion in 16 years, up from previous predictions of USD 200 billion.

“The discovery of additional oil in the Azeri-Chirag-Guneshli field and increased oil prices means the country’s income [from oil] will increase by at least twice,” Aliyev said, according to the news agency Regnum.

Some 20 billion cubic meters of natural gas are expected to be mined between 2010 and 2012 in the Shah-Deniz gas field, he added.