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SOCAR unveils Azerbaijan's 2020 crude oil production

Oil&Gas Materials 19 January 2021 14:07
SOCAR unveils Azerbaijan's 2020 crude oil production

BAKU, Azerbaijan, Jan. 19

By Fidan Babayeva – Trend:

Azerbaijan produced 34.5 million tons of crude oil in 2020, Trend reports citing the message of the State Oil Company of Azerbaijan (SOCAR).

According to the SOCAR, in 2020, there was a decrease in oil production in the country.

“The decline in oil production was mainly due to voluntary restrictions imposed as a result of the OPEC+ agreement. In 2020, SOCAR carried out about 56,000 meters of drilling operations. The company, independently or as a major participant, produced 7.4 million tons of oil from the fields being exploited,” the message reads.

In 2019, SOCAR produced 7.7 million tons of oil and 6.8 billion cubic meters of gas, thereby increasing the indicators. Oil production by the company increased by 140,800 tons compared to 2018, and gas production - by 293 million cubic meters of gas.

According to the report, the company sent 1.4 million tons of oil and 1.6 billion cubic meters of gas for export in 2019. In 2019, the company's revenues from oil and gas exports was $904.6 million.

SOCAR's revenues from the export of oil, gas and oil products in 2019 amounted to $1.28 billion.

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