SOCAR boosts oil exports to world market by 17.6 pct

By Azernews 

By Ayya Lmahamad

Azerbaijan’s State Oil Company (SOCAR) has increased oil exports to the world market by 17.6 percent during the second quarter of 2022, Azernews reports.

During the reporting period, the company exported more than 4.9 million tons of crude oil to the world market and about 144 million cubic meters of natural gas to the Georgian market. The volume of gas exported to Georgia increased by 48.1 percent. At the same time, the country’s gas exports increased by 36 percent and amounted to about 5.5 billion cubic meters.

In the second quarter of the year, the company produced more than 1.9 million tons of oil and 869 million cubic meters of gas. In total, the country produced over 8.1 million tons of oil and more than 11.6 billion cubic meters of gas. During the reporting period, gas production in the country increased by 16.7 percent.

Moreover, SOCAR achieved a significant increase in drilling in the second quarter of 2022. The company carried out about 20,000 m of drilling operations, which is an increase of 41.5 percent over the same period last year.

The company’s refining complex in Azerbaijan refined about 1.2 million tons of oil and 869 million cubic meters of natural gas. Gas processing increased by 6.1 percent compared to the same period in 2021.

Additionally, natural gas consumption in the country increased by 3 percent to 2.2 billion cubic meters during the reporting period.