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Gas production of Azerbaijan’s SOCAR up by 7.2% in 2018

Oil&Gas Materials 25 September 2019 17:16 (UTC +04:00)

Baku, Azerbaijan, Sept. 25

By Mirsaid Ibrahimzade - Trend:

The gas production of Azerbaijan’s state oil company SOCAR increased by 7.2 percent and reached 6,525.6 million cubic meters in 2018, compared to 6,089.1 million cubic meters in 2017, Trend reports referring to the eighth annual report of SOCAR on sustainable development for 2018.

Unlike the figures for 2018, 2017 was completed with a decline in production of 2.84 percent compared to 2016, when 6,266.8 million cubic meters of gas were produced, according to the company's report.

It was noted that positive figures were also achieved in the amount of processed gas in the reporting year, when the growth made up 1.5 percent and the volume of processed gas amounted to 2,952.2 million cubic meters, compared to 2,918.3 million cubic meters in the preceding year. The maximum result in from 2016 to 2018 was achieved in 2016, and the volume of processed gas amounted to 3,000.7 million cubic meters.

According to the report, a similar dynamics was also observed in changes in refining volumes, when the volume of SOCAR refined oil dropped from 6,009,400 tons to 5,815,500 tons in 2017, but then rose to 6,090,500 tons of oil, showing an increase of 4.72 percent.

According to the data provided by the company, in contrast to proved oil reserves which increased in 2018 and reached 71.055 million tons (compared to 70.164 million tons in 2017), proved gas reserves dropped sharply in the reporting year, decreasing from 51,485 million cubic meters to 45,692 million cubic meters, which is linked to large-scale gas projects implemented in Azerbaijan.

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