BAKU, October 25 (RIA Novosti) - Azerbaijan expects to produce up to 40 million metric tons (803,287 bbl/d) of oil this year, the industry and energy minister of the South Caucasus republic said Wednesday.
Natik Aliyev said Azerbaijan will produce 50 million metric tons (1 million bbl/d) in 2007 due to an expected increase in output at the Azeri-Chirag-Guneshli oil field, in the Caspian Sea basin.
The oil field's proven reserves amount to about 900 million metric tons, or 5.4 billion barrels.
