SOCAR reduces oil output in 2015

Economy Materials 1 February 2016 16:21 (UTC +04:00)

Baku, Azerbaijan, Feb. 1

By Maksim Tsurkov - Trend:

The State Oil Company of Azerbaijan (SOCAR) produced 8.16 million tons of oil from the country's offshore and onshore fields in 2015, compared to 8.32 million tons in 2014, said the company on its website.

SOCAR produces oil from offshore and onshore fields of Azerbaijan with help of its own funds. Some oil is processed at Baku's refineries, while the other part is exported via the Baku-Novorossiysk pipeline.

Moreover, SOCAR produces light oil from Azeri-Chirag-Guneshli block of oil and gas fields jointly with foreign partners.

The total volume of oil produced at this block and the fields developed independently by SOCAR, stood at 41.59 million tons in 2015 compared to 42.07 million tons in 2014.

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