TODAY.AZ / Business

New well to be drilled on Oil Rocks

07 February 2017 [17:13] - TODAY.AZ

By Azernews


By Nigar Abbasova

Azerbaijan’s state oil company SOCAR will additionally produce 3,650 tons of oil annually through commissioning a new well in the Caspian Sea.

SOCAR reported that the well is being drilled on the Oil Rocks offshore field in the Azerbaijani sector of the Caspian Sea. The projected well depth is 1,570 meters. The daily debit is expected to reach 10 tons of oil.

So far, some 182.86 million tons of oil and 14.09 billion cubic meters of gas were produced from 2,211 wells at the Oil Rocks field, located to the southeast of Absheron Archipelago.  Oil prospecting with geological survey, structure drilling, seismic prospecting and preliminary drilling at the field started in 1945.

December 2016 became a new successful date in the oil industry of the country as annual production in Oil Rocks reached the level of 1 million tons for the first time since the country gained its independence.

Last year, SOCAR produced 7.52 million tons of oil from the country’s offshore and onshore fields.

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.

URL: http://www.today.az/news/business/158407.html

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