SOCAR talks last year's crude oil exports abroad

Oil&Gas Materials 19 January 2021 14:06 (UTC +04:00)
SOCAR talks last year's crude oil exports abroad

BAKU, Azerbaijan, Jan. 19

By Fidan Babayeva – Trend:

SOCAR exported 17.9 million tons of crude oil to foreign markets in 2020, Trend reports with reference to the message of the State Oil Company of Azerbaijan (SOCAR).

According to the company, along with the volumes of oil produced, SOCAR exports by its capabilities the share of profits belonging to Azerbaijan and SOCAR, produced by consortia of international companies operating in Azerbaijan.

In 2020, 5.9 million tons of oil were processed at the SOCAR’s Heydar Aliyev Oil Refinery in Baku, the message reads.

The company noted that 2020 will be remembered as a period of recession in the global economy as a whole, as well as in the global energy markets due to the coronavirus pandemic.

“SOCAR was also somewhat affected by this general process. The company has significantly reduced both drilling and oil production under the OPEC+ agreement. The restrictions imposed led to a global increase in oil and gas prices throughout the year. SOCAR managed to ensure the sustainability of business operations both under the agreement and as a result of other measures taken to optimize costs. This is also reflected in the main production indicators of the company,” noted the message.

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 were $904.6 million.

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


Follow the author on Twitter: @Fidan_Babaeva