SOCAR reduces volume of drilling work

Baku, Azerbaijan, Nov. 3
By Maksim Tsurkov - Trend:

The drilling work carried out by the State Oil Company of Azerbaijan (SOCAR) (excluding joint enterprises and operating companies) reached 92,323 meters in Jan.-Oct. 2015 or 14.1 percent less than in the same period of 2014 (107,451 meters), SOCAR said Nov. 3.

Some 91,323 meters of the total volume of drilling work carried out by SOCAR during the reporting period accounted for development drilling, while the remaining 1,000 meters - exploration drilling.

SOCAR has commissioned 59 new wells since early 2015, the statement said.

The volume of drilling work carried out by SOCAR reached 127,346 meters in 2014 compared to 142,656 meters in 2013.

The development drilling accounted for 124,718 meters of the total volume of drilling work carried out by SOCAR in 2014, while the exploration drilling accounted for the remaining 2,628 meters.

SOCAR includes Azneft (companies producing oil and gas offshore and onshore), Azerkimya (chemical industry) and Azerigas production associations.

Jointly with foreign partners, SOCAR participates in such large projects as the development of Azeri-Chirag-Guneshli oil and gas fields' block and Shah Deniz gas and condensate field in the Caspian Sea.

Follow the author on Twitter: @MaksimTsurkov

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