Baku, Azerbaijan, Jan. 22
By Maksim Tsurkov – Trend:
“Oil Rocks” Oil and Gas Production Unit of Azneft Production Union of Azerbaijan’s state oil company SOCAR produced one million tons of oil, which is a record indicator of the last several decades, said the company in a message Jan. 22.
The message says that the current potential of prospective oil and gas fields and structures of SOCAR contributes to maintaining a stable level of oil production and increasing gas production in the coming years.
“As a result of measures taken to prevent the decline in production at the old fields at the current stage, SOCAR’s production is carried out within the framework agreed with other producers and necessary to regulate the world oil market. Along with drilling new wells, restoration and returning the old wells to operation are in progress in order to maintain stable production, the oil recovery factor remains stable, major overhaul and restoration projects of inactive wells are being implemented,” says the message.
At many abandoned wells, the remaining oil is extracted by efficient technologies, according to the message.
Absheronneft and Bibiheybatneft Oil and Gas Production Units of Azneft Production Union increased oil production by 8.7 and 1.9 percent respectively.
Head of Azneft, Dashgin Iskenderov said that production has grown by more than 2.5 times only at Absheron fields over the past few years, according to the message.
Follow the author on Twitter: @MaksimTsurkov