SOCAR increases oil, gas production

By Azernews

By Sara Israfilbayova

Azerbaijan’s energy giant SOCAR has increased its crude oil export by 18 percent and made 6,1 million tons in the second quarter of this year.

SOCAR reported that export of the crude oil in June this year prevailed the indicators of last year by 24 percent and reached 2.1 million tons.

Export of oil products increased by 19 percent, while 350,000 tons of oil products were exported in April-May-June last year, this figure exceeded 410,000 tons this year.

Export of diesel fuel increased by about 48 percent, absolute isopropyl alcohol – 69 percent, liquid pyrolysis resin – 27 percent, propylene – 30 percent, while export of whole butylene butadiene fractions - by 37 percent.

Speaking about positive dynamics of oil and oil products exports Elshad Nasirov, vice president for investments and marketing of SOCAR, said, that increasing of SOCAR’ share from 11,65 percent to 25 percent on Azeri-Chirag-Gunashli (ACG) fields increased the amount of crude oil exported by SOCAR.

Moreover, it was reported that SOCAR's oil production increased by 3.6 percent up to 1.9 million tons.

During the six months of the year, SOCAR produced 3.7 million tons of oil, 3.2 billion cubic meters of gas. Thus, compared to the same period of the previous year, oil production increased by 1.2 percent and gas production by 3.1 percent.

According to the company, stabilization and increase in production is connected with the ongoing plan of complex measures at strategically important fields. The increase in drilling works in this direction also occupies an important place.

In January-June, 2018, about 80,000 meters of wells were drilled, which is 8.4 percent higher compared to the corresponding period of the previous year. More than 39,000 meters of drilling operations fall on the second quarter of 2018.

SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.

The company includes three production associations, one oil refining and gas processing enterprise, an oil flotilla, a deep-water base plant, two trusts, one institute, and 23 structures.

SOCAR established joint companies (including Georgia and Turkey), alliances, operating in various sectors of oil and gas spheres. It has representative offices in Georgia, the U.S., Turkey, Romania, Austria, Switzerland, Kazakhstan, Great Britain, Iran, Germany, Ukraine, Belgium and Canada.