SOCAR increases capital investments

Oil&Gas Materials 6 November 2019 16:59 (UTC +04:00)

BAKU, Azerbaijan, Nov.6

By Leman Zeynalova – Trend:

Capital investments made by Azerbaijan’s state oil company SOCAR stood at 1.909 billion manat in 2018, compared with 1.204 billion manat in 2017, Trend reports citing Azerbaijan’s state oil company SOCAR.

This is while the company’s capital investments were planned at the level of 2.197 billion manat.

SOCAR’s expenditures on drilling stood at 747.9 million manat, including production drilling with 697.7 million manat and exploration drilling with 50.2 million manat.

For comparison, in 2017, SOCAR expenditures on drilling stood at 613.4 million manat.

The company’s capital expenditures in construction works equaled 946.7 million manat in 2018, compared with 522.4 million manat in 2017, equipment that does not require installation – - 143.2 million manat (48.6 million manat in 2017), exploration – 71.3 million manat (20.1 million manat in 2017).

The State Oil Company of the Azerbaijan Republic (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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