TODAY.AZ / Business

SOCAR reveals volume of oil, gas production

19 July 2019 [16:48] - TODAY.AZ

By Azernews

By Leman Mammadova

The State Oil Company of Azerbaijan (SOCAR) has revealed drilling, production and export figures in the second quarter of 2019.

SOCAR produced 1.9 million tons of oil and 1.7 billion cubic meters of natural gas in this period.

The company has maintained a stable production level in relation to the corresponding period of last year.

Some old wells were recommissioned, new wells were drilled, the volume of drilling operations was increased compared to the same period last year, the company reported. 

Meanwhile, the volume of drilling operations amounted to 41,593 meters.

At the same time, SOCAR exported 4.9 million tons of crude oil (including profit oil on Azeri-Chirag-Gunashli), 172 million cubic meters of natural gas, 604,000 tons of oil and petrochemical products in this period.

Crude oil exports declined, while export of oil and petrochemical products increased by 48 percent. Thus, processing more products is one of the factors causing decline in the export of crude oil and gas.

As for last year, SOCAR production totaled 7.54 million tons of oil and 6.53 billion cubic meters of gas. The company supplied the domestic demand with 11.2 billion cubic meters of natural gas last year, thus fully providing about 89 percent of its natural gas to meet the domestic demand.

In 2018, SOCAR exported 23.88 million tons of crude oil, 1.8 million oil refineries and petrochemical products and 1.42 billion cubic meters of gas.

Meanwhile, the net profit of the company amounted to 1.22 billion manats ($0.7 billion) last year. Moreover, SOCAR transferred 1.604 billion manats ($0.94 billion) to the state budget in 2018.

As one of the world's 50 largest oil companies, SOCAR has a significant position in a number of regional and international energy projects.

Three production divisions, one oil refinery and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.

Currently, SOCAR is the only producer of oil products in the country, and also operates more than 370 filling stations in Switzerland, Georgia, Romania and Ukraine.


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