SOCAR’s proven oil & gas reserves down

Oil&Gas Materials 9 August 2017 16:55 (UTC +04:00)

Baku, Azerbaijan, Aug. 9

By Maksim Tsurkov – Trend:

Proven gas reserves of Azerbaijan’s state oil company SOCAR totaled 51.98 billion cubic meters as of Jan. 1, 2017, as compared to 55 billion cubic meters in 2015, says a report on SOCAR’s sustainable development according to the results of 2016, posted on the company’s website Aug. 9.

The report says that SOCAR’s proven oil reserves amounted to 71.5 million tons according to the results of 2016, as compared to 74.34 million tons in 2015.

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 Gunashli, Oil Rocks, Bulla Deniz and Umid-Babek fields.

According to the report, SOCAR produced 7.52 million tons of oil in 2016 as compared to 8.16 million tons in 2015. Meanwhile, the company produced 6.27 and 6.87 billion cubic meters of gas, respectively, in 2016 and 2015.

The volume of oil processing carried out by the company totaled 6.01 million tons in 2016, as compared to 6.48 million tons in 2015. The volume of gas processing stood at three billion cubic meters in 2016, as compared to 3.4 billion cubic meters in 2015.


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