Mineral Resources
Azerbaijan’s major mineral wealth is its oil and gas reserves. Offshore hydrocarbon structures in the Caspian Sea accounted for most of the country’s oil and gas production. Azerbaijan’s proven crude oil reserves were estimated to range from 7 billion to 13 billion barrels (Gbbl) based on various industry journals and Government sources. The State Oil Company of the Azerbaijan Republic (SOCAR) has estimated that proven reserves are 17.5 Gbbl (about 2.4 Gt) using the Soviet reserve classification system. This evaluation was not based on market economy criteria and may include resources that are not economically viable. Estimates of natural gas reserves also vary. According to the Oil & Gas Journal, Azerbaijan has proven natural gas reserves of roughly 30 trillion cubic feet (about 850 billion cubic meters, and BP p.l.c. estimates that the country has 48 trillion cubic feet (about 1.4 trillion cubic meters) of proven gas reserves.
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