SOCAR makes public outlook on gas production

By AzerNews

Azerbaijan's state oil company SOCAR predicts the volume of gas production in the fields developed independently to be at the level of previous year's indexes, Trend news agency reported on Friday.

In 2012, SOCAR produced 8.3 million tons of oil compared to 8.4 million tons in 2011 and 6.9 billion cubic meters of gas compared to 7.1 billion cubic meters in 2011.

"The volume for this year is forecasted at the level of last year's indexes," SOCAR official told Trend.

Earlier SOCAR has announced that it is seeking to increase oil production from its own fields by 2 million tons by 2015.

It was predicted that a total of 41.5 million tons of oil will be produced in Azerbaijan in 2013.

According to the State Statistics Committee, in January-February 2013, Azerbaijan produced about 7.2 million tons of oil and gas condensate, which is 3.6 percent less than in the same period of 2012.

In 2012, production of oil and gas condensate in Azerbaijan was 42.98 million tons -- 5.3 percent less than in 2011.

Azerbaijan has proven natural gas reserves of about 2.55 trillion cubic meters, while proven oil reserves are estimated at 2 billion tons.

Azerbaijan is an important current and future supplier of both oil and natural gas. The country's largest hydrocarbon deposits are located in the Caspian Sea, particularly, the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields and Shah Deniz gas field.

SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in the domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. Three production divisions, two oil refineries and one gas refinery, an oil tanker fleet, a deep water platform fabrication yard, two trusts, one institution, and 22 subdivisions are operating as corporate entities under SOCAR.