SOCAR eyes to limit drilling operations in 2021

Oil&Gas Materials 12 November 2020 23:58 (UTC +04:00)
SOCAR eyes to limit drilling operations in 2021

BAKU, Azerbaijan, Nov. 12

By Fidan Babayeva – Trend:

The SOCAR (State Oil Company of Azerbaijan) leadership discussed issues related to the temporary limitation of production within the framework of OPEC +, Trend reports with reference to SOCAR.

The company will reduce the volume of drilling next year in order to minimize the costs caused by the OPEC + agreement during the pandemic.

"Opportunities are also mobilized at the upcoming stage to ensure the profitability and operational efficiency of the company, and preventive measures are being taken," the information says.

The current status of reform and optimization measures within the company, due to a temporary reduction in oil production, in accordance with the terms of the OPEC + agreement during a pandemic, was discussed at a meeting with the participation of SOCAR President Rovnag Abdullayev and the company's management,

It was noted that due to the limitation of production, the company suspended production mainly at its onshore operations.

"A program has been implemented to assess and develop the competencies of employees in the main production units of the company - Azneft, the complex drilling trust and a number of other departments in order to effectively use the virtually inactive workforce in these areas" the company says.

The main purpose of competency assessment is to determine the professional level of employees and organize training in accordance with the potential of each employee.

It was noted at the meeting that the competence of 4,778 employees of the Azneft company, 1,932 employees of the complex drilling trust has been assessed by the test method.

"Some 13,342 SOCAR employees took part in 177 trainings-webinars related to the pandemic. According to the survey, 94 percent of them said they were satisfied with the training conducted by the company's certified trainers," the information said.

The State Oil Company of Azerbaijan (SOCAR) carried out over 11,000 meters of drilling for 3Q2020.

SOCAR carried out 150,800 meters of drilling in 2019 and put into operation 76 new wells in order to stabilize oil and gas production.


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