Proven oil & gas reserves of Azerbaijan’s SOCAR increase
Baku, Azerbaijan, Aug. 2
By Maksim Tsurkov – Trend:
Proven gas reserves of Azerbaijan’s state oil company SOCAR amounted to 55 billion cubic meters as of Jan. 1, 2016, compared to 54.96 billion cubic meters in 2014, says a report on SOCAR’s sustainable development on the results of 2015, posted on the company’s website Aug. 2.
The report says that SOCAR’s proven oil reserves amounted to 74.34 million tons according to the results of 2015, compared to 72.05 million tons in 2014.
Volume of SOCAR’s proven oil and gas reserves was identified on the basis of calculation of four major fields’ reserves, according to the report. These offshore fields are Azerbaijan’s Guneshli, Oil Rocks, Bulla Deniz and Umid-Babek fields.
The report also says that SOCAR produced 8.16 million tons of oil in 2015 compared to 8.3 million tons in 2014. Meanwhile, the company produced 6.87 and 7.01 billion cubic meters of gas, respectively, in 2015 and 2014.
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