TODAY.AZ / Business

SOCAR reports fall in gas reserves

17 September 2015 [11:56] - TODAY.AZ

/By AzerNews/

By Gulgiz Dadashova

The proven gas reserves of Azerbaijan’s energy giant SOCAR decreased to 54.96 billion cubic meters as of January 2015, compared to 61.15 billion cubic meters by the end of 2013.

The proven oil reserves of SOCAR on the results of last year totaled 72.05 million tons versus 78.5 million tons in 2013, according to the report on the sustainable development of SOCAR.

The volume of proven oil and gas reserves of SOCAR was determined based on the stocks of nine major fields. In particular, the matter rests in the Guneshli, Oil Rocks, Pirallahi, Bank of Darwin, Sangachal-Duvanly Deniz Khere-Zire Alat-Deniz, Bulla Deniz offshore fields, as well as the onshore Bibi Heybat, Lokbatan-Puta-Gushhana fields.

SOCAR's oil production in 2014 amounted to 8.32 million tons versus 8.31 million tons in 2013, and gas production amounted to 7.22 billion cubic meters and 7.14 billion cubic meters correspondingly. The volume of oil refining companies in the past year amounted to 6.33 million metric tons versus 6.53 million metric tons in 2013.

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.

Azerbaijan, wholly located within the South Caspian Sea basin, is among the oldest oil producers in the world. Oil and natural gas production and export are central to Azerbaijan's economic growth.

URL: http://www.today.az/news/business/143773.html

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