BAKU, Azerbaijan, Aug.24
By Leman Zeynalova – Trend:
Onshore and offshore drilling market is set to expand in Azerbaijan after 2022, Trend reports with reference to the country’s state oil company SOCAR.
“The expansion will be achieved as a result of preserving the current level of production at the existing oil and gas fields, as well as with more active involvement in exploration works. At the same time, the need for new offshore platforms will pave the way for expansion of construction in this sphere,” said the company.
SOCAR analysts note that the temporary reduction of oil production in accordance with the OPEC+ deal, as well as the restrictions caused by the COVID-19 pandemic seriously affected the oil prices. “The short-term stagnation caused by the pandemic in the next two years may cause delays in some Upstream projects and lead to reduction in capital expenditures, thereby adversely affecting the service sector.”
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