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SOCAR's Azneft reveals action plan for 2017

24 June 2016 [13:14] - TODAY.AZ

/By Azernews/

By Nigar Abbasova

SOCAR’s Azneft production unit is planning to launch drilling of 88 new wells by 2017. The issue was on the highest agenda of the meeting devoted to the action plan of the unit in 2017.

As much as 45 new facilities are expected to be commissioned in 2017. The company also plans to complete the drilling of 89 wells.

Adalat Eminov, Azneft’s deputy general director and chief geologist said that the survey implemented on the Goshadash field are drawing to a close and expected to be completed until the end of 2016. “We will launch drilling should we get positive results from the survey,” he added.

Eminov also mentioned that the seismic operations on the Bulla-Deniz field are expected to expand in 2017. The meeting also focused on the implementation of operations for stabilizing extraction, use of brand-new technologies as well as forecasts on investment rates, construction and procurement operations and labor protection in manufacturing entity.

The Azneft Syndicate has 11 operating oil and gas production divisions with up to 5,700 wells in service.

The syndicate's two underground gas storage facilities play a major role in ensuring a steady year-round supply of gas in Azerbaijan.

SOCAR has enlarged the volumes of drilling operations by 27 percent in the first quarter of 2016 as compared to the rate shown in the same period of 2015. The volumes of operations in April 2016 have decreased by 41 percent as compared to March 2016, neftegaz.ru reports.

Azneft has extracted 6,778 million tons of oil and 6.1 billion cubic meters of gas in 2015.

The forecast of the oil extraction for 2016 is 6.3 million tons while 6.4 and 6.5 million tons are expected to be extracted in 2017 and 2018 respectively.

Gas production forecast for 2016 stands at the level of 5.6 bcm while the level forecast for 2017-2018 is 5.8 bcm.

Goshadash structure is located in northwestern part of the Absheron archipelago in 15 km of the coast and 35-40 km of Baku. The water depth in the structure is 10-50 meters.

Azneft produced 2.62 million tons of oil and 2.39 billion cubic meters of gas in January-May 2016.

SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan.

The price of a barrel of Azeri Light crude oil increased $0.39 to stand at $51.05 on the world markets on June 24.


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