Azneft increases oil and gas production

Baku, Azerbaijan, July 10
By Emil Ismayilov - Trend:

"Azneft" Production Association which is the production unit of the State Oil Company of Azerbaijan produced about 3.45 million tonnes of oil in the first half of 2014, which exceeds the planned level by 2 percent, "Iki Sahil" newspaper quotes head of production association Dashgin Iskenderov as saying.

The production association produced 3.4 billion cubic meters of gas in January-June, which exceeds the planned level by 11.7 percent, he said.

Some 78 wells were returned to the stock of idle wells from the operational fund during the reporting period, according to Iskenderov.

Some 570 geological projects were carried out by the production association in January-June, which is important for maintenance and increase of oil and gas production, he said.

SOCAR includes Azneft (production association of companies producing oil and gas on land and sea), Azerkimya (production association of chemical industry enterprises) and Azerigaz (production association of gas distribution enterprises). SOCAR also include a number of processing enterprises, service enterprises, institutions involved in geophysical and drilling operations.

In particular, as of 2013, the total assets of SOCAR amounted to 23.05 billion AZN compared to about 21.87 billion AZN in 2012. At the same time, the authorized capital of SOCAR amounted to about 1.32 billion AZN compared to more than 1.08 billion AZN in 2012.

Edited by CN