1 bln tons of oil left unextracted in Azerbaijan - SOCAR

​1 bln tons of oil have been extracted from the overland deposits of Azerbaijan. Another 1 bln tons is left unextracted, Vice-President of SOCAR, Kh. Yusifadze, said at the held in Baku meeting of the Caspian-European Club (CEIBC).

Recently the exploration of gas condensate deposits with large reserves of condensate was mainly held in Azerbaijan, he said.

Besides keeping a stable level of oil extraction, it is necessary to explore new oil deposits. In the sea we hold prospecting and exploration works at the depth of 6-7 thousand m where gas condensate deposits are mainly located. So we decided to return to the land where research works are currently held along with the foreign companies.

Kh. Yusifadze also said that with the appearance of new technologies, an opportunity of extraction of certain volumes of oil from the already developed deposits exists.