SOCAR working to stabilize oil production at old fields
Baku, Azerbaijan, Oct. 21
By Maksim Tsurkov – Trend:
Azerbaijan’s state oil company SOCAR is working to stabilize oil production at old fields, Rahman Gurbanov, the company’s vice president for oil and gas transportation and gas facilities, told Trend Oct. 21.
He said the main goal of SOCAR is not to increase oil production, but to rehabilitate the old fields.
“Falling oil prices in global markets don’t give us the opportunity to increase investment for this [increasing oil production],” Gurbanov said. “SOCAR has a program aimed at the rehabilitation of the old fields, stabilization of oil production and increasing oil recovery factor at those fields, and a work is underway in accordance with this program.”
SOCAR produced 5.68 million tons of oil from the country’s onshore and offshore fields in January-September 2016 versus 6.21 million tons in the same period of 2015.
SOCAR produces oil from offshore and onshore fields of Azerbaijan using its own funds.
A part of this oil is processed at refineries in Baku, while the other part is exported via the Baku-Novorossiysk and Baku-Tbilisi-Ceyhan pipelines.
Follow the author on Twitter: @MaksimTsurkov