SOCAR drilling new well at oldest oil field in Caspian Sea

By  Trend

Azerbaijan’s state oil company SOCAR will additionally produce about 3,650 tons of oil annually, thanks to the commissioning of a new well that is being drilled at the Oil Rocks offshore field, SOCAR said in a message posted on its website Nov. 24.

The well’s projected depth is 1,700 meters and its daily yield is expected at the level of 10 tons.

In January-October 2016, SOCAR produced 6.32 million tons of oil at Azerbaijan’s offshore and onshore fields, as compared to 6.91 million tons in the same period of 2015.

SOCAR produced 8.16 million tons of oil at those fields in 2015, as compared to 8.32 million tons in 2014. Along with SOCAR, foreign companies also extract oil in Azerbaijan. In total, 41.59 million tons of oil were produced in Azerbaijan in 2015, as compared to 42.02 million tons in 2014, according to SOCAR.