BAKU, Azerbaijan, Aug.23
By Leman Zeynalova – Trend:
Total proven oil reserves of Azerbaijan’s state oil company SOCAR stood at 112.350 million tons in 2020, as compared to 120.204 million tons in 2019, Trend reports with reference to the company.
The country’s proven, developed and produced oil reserves dropped from 67.179 million tons in 2019 to 61.311 million tons, while proven, developed and not produced reserves fell from 6.883 million tons to 6.755 million tons.
Proven and developed reserves stood at 68.066 million tons in 2020 versus 74.012 million tons in 2019. Proven and undeveloped reserves equaled to 44.284 million tons in 2020 as compared to 46.192 million tons in 2019.
SOCAR’s proven oil reserve estimates are based on the 2020 data of DeGolyer & MacNaugthon company.
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.
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.
---
Follow the author on Twitter: @Lyaman_Zeyn