SOCAR drilling new well at Oil Rocks field in Caspian

Oil&Gas Materials 24 February 2016 20:19 (UTC +04:00)

Baku, Azerbaijan, Feb. 24

By Maksim Tsurkov - Trend:

SOCAR (State Oil Company of the Republic of Azerbaijan) will produce around 3,650 tons of oil annually through commissioning of a new well, which is being drilled at the Oil Rocks offshore field, the company said Feb. 24.

The projected depth of the well is 1,600 meters and its daily debit is expected to reach 10 tons of oil.

SOCAR is currently implementing a program to stabilize and increase oil production.

The company produced 647,000 tons of oil from the country's offshore and onshore fields in January 2016, compared to 712,300 tons produced in the same period 2015.

SOCAR produced 8.16 million tons of oil in 2015 compared to 8.32 million tons in 2014.

In total, some 41.59 million tons of oil were produced in Azerbaijan in 2015 compared to 42.02 million tons in 2014.