SOCAR keeps oil production at stable level in Jan.-March
Baku, Azerbaijan, April 16
By Maksim Tsurkov – Trend:
Azerbaijan’s state oil company SOCAR produced 1.8 million tons of oil from offshore and onshore fields in January-March 2018 which is similar with the figure in the same period of 2017, said a message posted on SOCAR’s website.
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 another part is exported via the Baku-Novorossiysk and Baku-Tbilisi-Ceyhan pipelines.
Moreover, SOCAR produces light oil from Azeri-Chirag-Gunashli block of oil and gas fields jointly with foreign partners.
The total volume of the oil produced at the Azeri-Chirag-Gunashli block and the fields developed independently by SOCAR stood at 9.7 million tons in January-March 2018, as compared to 9.46 million tons in the same period of 2017. The oil production in the country increased by 2.4 percent.
"Positive dynamics in SOCAR’s oil production is associated with an increase in drilling operations, efficient operation of existing wells and restoration of inactive wells," the message said.
The oil production increased by 5.8 percent in March.
Azerbaijan’s state oil company SOCAR produced 7.43 million tons of oil from offshore and onshore fields in 2017 as compared to 7.52 million tons in 2016.
The total volume of the oil produced at the Azeri-Chirag-Gunashli block and the fields developed independently by SOCAR stood at 38.69 million tons in 2017, as compared to 41.03 million tons in 2016.
SOCAR includes such production unions as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies and the facilities involved in geophysical and drilling operations.
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