TODAY.AZ / Business

SOCAR commissions new well on Oil Rocks

14 August 2017 [17:40] - TODAY.AZ

By Azernews

By Sara Israfilbayova

The Azerbaijani state oil company SOCAR will additionally extract almost 5,100 tons of oil annually thanks to the commissioning of a new well on the offshore field Oil Rocks.

The company reported that oil with a flow rate of 14 tons per day is extracted in the range of 1,219-12,11 meters.

The  Oil Rocks was discovered in 1949. An industrial settlement 100 miles off the coast of Baku, the Oil Rocks is a complete town on the sea. The first oil platform in Azerbaijan, the Oil Rocks was also the first operating offshore oil platform in the world.

By the end of 2016 almost 1 million tons of oil was extracted from the field.

The forecast for oil production in the country in 2017 stands at 39.797 million, while the figure is 3.7 percent lower than the index of 2016.

SOCAR produced 7.52 million tons of oil in 2016 against 8.16 million tons produced in 2015.

In total, the volume of oil production amounted to 41.03 million tons in 2016 against 41.58 million tons produced in 2015.

The company is 100 percent owned by the government of Azerbaijan. SOCAR participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.

The company includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.


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