BAKU, Azerbaijan, July 16
By Nargiz Ismayilova – Trend:
The State Oil Company of Azerbaijan (SOCAR) carried out more than 15,000 meters of drilling operations in the second quarter of 2020, which is 2.7 times less compared to the same period of last year (more than 41,000 meters in the second quarter of 2019), Trend reports referring to SOCAR’s report for the second quarter.
“The decrease is connected with a drop in the world oil demand as a result of the COVID-19 pandemic and with a temporary limitation of production within the OPEC+ agreement,” the report said.
As reported, the production was mainly limited at the fields with a low level of profitability and, accordingly, the volume of drilling operations was reduced.
To stabilize the oil and gas production, SOCAR carried out drilling of 150,800 meters and commissioned 76 new wells in 2019.
The State Oil Company of Azerbaijan is involved in the search, exploration and development of oil and gas fields in Azerbaijan.
SOCAR is also engaged in the production, processing and transportation of oil, gas and gas condensate, sale of oil and petrochemical products, gas in the domestic and foreign markets and providing the population with natural gas.
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