Azerbaijan Projects Peak Oil Production In 2009 - 2010 - Cuts GDP Growth Forecasts

[hatrack]

Baku, Fineko/abc.az. The Azerbaijani government is forecasting almost 10-fold decline of country’s GDP growth by 2012. Milli Majlis (parliament) informed that the governmental forecast (for period until 2011) on socio-economic development of Azerbaijan says of GDP growth in 2008 by 18.2%, in 2009 by 14.1%, 2010 by 5.9%, 2011 by 3.5%.

“For comparison, in 2006 GDP growth made 35.4%. The government, however, forecasts that in 2008 GDP will be AZN 31.47 bn (over $37 bn), in 2009 - AZN 36.58 bn, 2010 – AZN 39.39 bn, and in 2011 – AZN 41.42 bn,” a Parliament source said. At the same time the Ministry of Economic Development indicates that the forecast is extremely oriented and is based on pessimistic scenario of world market conditions.

EDIT

In 2009-10 the country is forecasted to reach peak oil production (around 65 million tons a year) to start reducing since 2011-12.

Next peak (30 bn or 40 bn cu.m. of gas a year) in oil and gas sector is expected after 2012 when Phase 2 of Shah Deniz Gas Project is launched.

EDIT/END

http://abc.az/cgi-bin/wnews_one.cgi?nid=18713&lang=eng