OREANDA-NEWS. February 25, 2010. The State Oil Company of Azerbaijan (SOCAR) has announced increase of its forecasted hydrocarbons reserves.

SOCAR president Rovnag Abdullayev claimed that Company’s forecasted reserves of hydrocarbons in Azerbaijan rose from 4 bn up to 8-10 bn of oil equivalent.

“Currently Azeri there is stable demand for Azeri oil at world market and it is exported to more than 30 countries,” he said.

In the prospect Azerbaijan’s export of hydrocarbons is going to make up 80% of their production while the current level is about 30%.