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SOCAR Oil Production Exceeds 16mln Barrels in First Quarter

Oil&Gas Materials 5 April 2008 13:30 (UTC +04:00)

Azerbaijan, Baku, 5 April / Trend / In January to March 2008, the State Oil Company of Azerbaijan (SOCAR), operation companies (ОC) and joint ventures (JV) produced 16.2mln barrels of oil on the onshore and offshore fields, which is by 167,000 barrels less as compared to 2007, SOCAR reports.

The oil production by the Oil and Gas Production Department (OSPD) made up 13.2mln barrels (1.8mln tons) from the onshore and offshore in January to March, which is by 101,000 barrels less as compared to 2007. The Foreign companies produced 2.3mln barrels (308,000 tons) of oil by OC and JV, which is by 66,000 tons less as compared to 2007.

According to the forecasts, this year the SOCAR, JV and OC will produce 64mln barrels (8.7mln tons) of oil, with 55mln barrels (7.430mln tons) belonging to SOCAR and 9.55mln barrels (1.3mln tons) to JV and OC.

In January to March, the total volume of gas production made up 1.9bln of cu m in Azerbaijan, which is by 572.4mln of cu m more as compared to 2007. Out of that, 1.87bln cu.m was produced by SOCAR only, an increase of 582mln cu.m from 2007. OC and JV produced 32mln m of gas, which is 9.2mln cu.m less than as compared to the same period in 2007.

The Azerbaijani International Operation Company (AIOC) produced 428.3mln cu.m of casing-head gas on the Azeri-Chirag-Gunashli field for SOCAR, which is less by 302.5mln cu.m as compared to 2006.

According to forecasts, in 2008, SOCAR will produce 7.85bln cu.m of gas, OC and JV - 150mln cu.m. Azerbaijan will receive 2.9bln cu.m of gas from Shah Deniz. This year, the AIOC will transfer 1.4bln cu.m of gas to Azerbaijan.

There are 57 oil and gas fields in Azerbaijan. Eighteen are onshore and the others offshore. There are about 60,000 workers in SOCAR.  

Summary table of oil and gas production in Azerbaijan in 2008:

Oil(thousand of tons) March January-March
2008 2008 2007 %
Total 739,95 2168,23 2190,90 99,0
OSPD SOCAR 632,67 1860,04 1873,75 99,3
OC and JV 107,28 308,19 317,15 97,2
Gas(mln. m3)
Total 661,32 1908,15 1335,78 142,8
OSPD SOCAR 650,90 1876,46 1294,87 144,9
OC and JV 10,42 31,69 40,91 77,5
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