“If everything goes according to plan, the first gas and oil will be extracted at the end of 2022 from Karabakh field, President of Azerbaijan Ilham Aliyev said in his interview with Azerbaijan Television during a ceremony at Baku Deep Water Jackets Plant named after Heydar Aliyev to send a jacket of Karabakh field offshore, AzVison.az reports. 

“The oil reserves of the Karabakh field are estimated at nearly 60 million tons. This field is located near the Azeri, Chirag, and Gunashli fields which means that the distance is not so far. I can say with confidence that this number will increase during the operation period. I remember that when the contract for the Azeri, Chirag, and Gunashli fields was prepared in 1994, foreign partners estimated the potential of these fields at 511 million tons of oil. However, today it is confirmed that the potential of the Azeri, Chirag, and Gunashli fields is more than 1 billion tons of oil”, President Ilham Aliyev noted.

“Therefore, these and other geological factors suggest that there are large quantities of natural resources in Karabakh oil field. As for production, the field will produce at least 1.5 million tons of oil and 1.5-1.8 billion cubic meters of gas a year. Of course, it will allow us to keep oil production stable and increase gas production in Azerbaijan”, Ilham Aliyev added.