16TH INTERNATIONAL CASPIAN OIL AND GAS CONFERENCE KICKS OFF IN BAKU

Baku, 3 June (AzerTAc). The 16th International Caspian oil and gas conference started here on Wednesday.
The first day of the conference was devoted to the subject of “Reserves of the Caspian Basin: exploration, production and investments”.
The participants heard reports on “The role of the Caspian region in ensuring Europe`s energy security”, “Prospects for exploration and production in the Caspian region”, “Making investment in Azerbaijan`s oil and gas sector. International cooperation”.
It was noted during the meeting that the 16th International Caspian oil and gas conference was an evidence of the world`s growing interest towards Azerbaijan.
It was also stressed Azerbaijan had become a leading oil producer and exporter, and that the country contributes to ensuring Europe`s energy security.
Azerbaijani Minister of Industry and Energy Natig Aliyev said the Caspian region was forecast to hold 200 billion barrels of oil, equaling to the proven oil reserves in the Unites States.
According to the Minister, Azerbaijan`s oil production will reach 65 million tones in 2015-2020, while gas output 40 billion cubic meters.
Natig Aliyev also stressed Azerbaijan supports transit projects in all directions.
Speakers at the event stressed the role of Azerbaijan as a natural gas exporter. They noted the country plays an important role in implementation of the Nabucco project.
The event participants discussed the ways of expanding energy cooperation even more.