SOCAR decreases oil production
Baku, Azerbaijan, April 19
By Maksim Tsurkov - Trend:
The State Oil Company of Azerbaijan (SOCAR) produced 1.9 million tons of oil at the country's offshore and onshore fields in January-March 2016 versus 2.1 million tons of oil produced in the same period of 2015, SOCAR said April 19.
SOCAR produces oil on offshore and onshore fields of Azerbaijan at its own expense. One part of this oil is sent for processing to Baku refineries, another part is exported via Baku-Novorossiysk and Baku-Tbilisi-Ceyhan pipelines.
In addition to independent production, SOCAR also produces light oil from the Azeri-Chirag-Guneshli (ACG) block of oil fields in cooperation with foreign partners. The total volume of oil produced from this block and fields developed by the company independently amounted to 10.51 million tons in January-March 2016 against 10.68 million tons produced during the same period of 2015.
SOCAR includes Azneft (companies producing oil and gas offshore and onshore), Azerkimya (chemical industry) and Azerigas (production associations).
Moreover, the State Oil Company comprises a number of processing enterprises, service enterprises, institutions involved in geophysical and drilling operations.
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