SOCAR announces Azerbaijan's oil & gas production volumes (UPDATE)

Oil&Gas Materials 20 February 2019 14:15 (UTC +04:00)

Details added (first version published at 10:25)

Baku, Azerbaijan, Feb. 20


The total volume of oil produced to date in the offshore fields of Azerbaijan made up 1.67 billion tons, Yashar Latifov, Vice President for Field Development at Azerbaijan’s SOCAR oil company, told during the IADC Drilling Caspian exhibition and conference in Baku, Trend reports.

According to Latifov, 689 billion cubic meters of gas were produced in the country over the same period. As for the land deposits, oil and gas production there made up 978 million tons of oil and 139 billion cubic meters of gas.

He also remarked that the volume of drilling work within the framework of the production sharing agreements (PSAs) implemented by SOCAR’s enterprises since 2000 made up 2.6 million meters. Some 14,900 wells were commissioned as part of this work.

The IADC Drilling Caspian exhibition and conference started in Baku on February 20, 2019. The event is attended by representatives of the drilling industry from various European and CIS countries, among others. Conference participants, including representatives of BP, SOCAR, Maersk Drilling, Petronas, and Halliburton, discuss the current situation and challenges in the energy market, optimizing and improving the energy efficiency of drilling, developing human capital in the energy sector, introducing innovations and other issues.