SOCAR commissions new offshore well

By Azernews

By Laman Ismayilova

Azerbaijan’s state oil company SOCAR will additionally produce 5,110 tons of oil annually as it has commissioned a well in the Caspian Sea.

The company reported that the well has been put into operation after a major overhaul at the Oil Rocks offshore field in the Azerbaijani sector of the Caspian Sea.

The daily debit is 14 tons of oil and the oil is extracted within the range of 1,645-1,637 meters, according to the report.

SOCAR produced 7.52 million tons of oil at Azerbaijan’s offshore and onshore fields in 2016, as compared to 8.16 million tons in 2015. Along with SOCAR, foreign companies also extract oil in Azerbaijan.

In total, 41.03 million tons of oil were produced in Azerbaijan in 2016, as compared to 41.58 million tons in 2015, according to SOCAR.

The forecast for oil production in the country in 2017 stands at 39.797 million, while the figure is 3.7 percent lower than the index of 2016.

Average daily oil production will amount to 800,000-807,000 barrels in 2017 (in line with Vienna accord), while the daily output for 2016 stands at 842,000 barrels.