SOCAR ups oil & gas output in Q3 2019

Oil&Gas Materials 18 October 2019 14:34 (UTC +04:00)

Baku, Azerbaijan, Oct.18

By Leman Zeynalova – Trend:

In the third quarter of 2019, Azerbaijan’s state oil company SOCAR increased oil production by 2.8 percent and natural gas production by 11.4 percent compared to the same period of the previous year, Trend reports citing the company.

Reportedly, SOCAR produced approximately 2 million tons of oil and over 1.8 billion cubic meters of natural gas in the third quarter of 2019.

“During the reporting period, the company continued to implement the comprehensive action plan to maintain production level in the oil and gas fields exploited by SOCAR. The operation of some out-of-exploitation wells has also been resumed,” reads the message from the state oil company.

SOCAR said it performed more than 37,000 meters of drilling work in the third quarter of 2019.

SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. Three production divisions, one oil refineries and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.

SOCAR conducts various petroleum activities in countries such as Georgia, Turkey, Romania, Switzerland, Germany and Ukraine, including trading activities, mainly in Switzerland, Singapore and Nigeria.


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