SOCAR commissions new well at oldest field in Caspian Sea
Baku, Azerbaijan, April 20
By Maksim Tsurkov - Trend:
Azerbaijan's state oil company SOCAR will produce over 11,300 tons of oil annually by commissioning a new well at the offshore Oil Rocks field, SOCAR said.
Oil is extracted at the well at a depth of 1,331 to 1,320 meters, read a SOCAR message issued April 20.
SOCAR is implementing a program to stabilize and increase oil output.
SOCAR extracted 647,000 tons of oil from the country's offshore and onshore fields in January 2016 as compared to 712,300 tons extracted in the same period of 2015.
SOCAR produced 1.9 million tons of oil at Azerbaijani offshore and onshore fields in January-March 2016 versus 2.1 million tons of oil produced in the same period of 2015, SOCAR said.
According to the company, SOCAR produced 8.16 million tons of oil in 2015 compared to 8.32 million tons produced 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.