BAKU - Azerbaijan sees its oil output rising by between a fifth and a third by 2015 when it would reach a plateau, the president of Azeri state oil firm Socar, Rovnag Abdullayev, said on Tuesday.
"By 2015, 60 million tons a year will be enough. It's not necessary to increase production beyond this level," Abdullayev told Reuters.
Oil production in Azerbaijan is set to edge up to between 45 million and 50 million tons this year, from 44 million tons, or about 884,000 barrels per day, in 2008.
Azerbaijan has raised oil production more than fivefold over the last decade, although it has reined in earlier growth forecasts for 2009 due to lower crude prices and problems at the BP-led (BP.L) Azeri-Chirag-Guneshli (ACG) project.
In December, Azerbaijan said it was considering becoming an OPEC member and is willing artificially to cap oil production even after fixing technical problems at some of its fields in the first quarter of 2009.
But in March one of the country's top oil officials said Baku is aiming for the "maximum level" of output this year.
Abdullayev said the problems at the ACG fields had been resolved, and that Socar was attempting to increase the number of countries to which it sells its Azeri Light crude.
"We have opened a new office in Geneva. Central Asian markets are of interest to us, as well as America and Canada. The geography of our sales is increasing," he said.
Socar plans almost to triple crude oil exports to North America to 200,000 barrels per day. Up to 40 percent of the company's exports are to the American and Asian markets, compared with only 10-15 percent three years ago.
"By 2015, 60 million tons a year will be enough. It's not necessary to increase production beyond this level," Abdullayev told Reuters.
Oil production in Azerbaijan is set to edge up to between 45 million and 50 million tons this year, from 44 million tons, or about 884,000 barrels per day, in 2008.
Azerbaijan has raised oil production more than fivefold over the last decade, although it has reined in earlier growth forecasts for 2009 due to lower crude prices and problems at the BP-led (BP.L) Azeri-Chirag-Guneshli (ACG) project.
In December, Azerbaijan said it was considering becoming an OPEC member and is willing artificially to cap oil production even after fixing technical problems at some of its fields in the first quarter of 2009.
But in March one of the country's top oil officials said Baku is aiming for the "maximum level" of output this year.
Abdullayev said the problems at the ACG fields had been resolved, and that Socar was attempting to increase the number of countries to which it sells its Azeri Light crude.
"We have opened a new office in Geneva. Central Asian markets are of interest to us, as well as America and Canada. The geography of our sales is increasing," he said.
Socar plans almost to triple crude oil exports to North America to 200,000 barrels per day. Up to 40 percent of the company's exports are to the American and Asian markets, compared with only 10-15 percent three years ago.
