BAKU, Azerbaijan, Oct.14
By Leman Zeynalova - Trend:
Azerbaijan’s state oil company SOCAR has produced around 2 million tons of oil and nearly 2 billion cubic meters of gas in the third quarter of 2021, or 10 percent and 9 percent more respectively, as compared to the same period in 2020, Trend reports with reference to the company.
The company continued the implementation of the comprehensive action plan to ensure stable production in its oil and gas fields.
SOCAR notes that the volume of oil and gas output in Azerbaijan stood at nearly 8.7 million tons and more than 11.3 billion cubic meters, respectively. As such the country’s oil and gas production grew by 6 percent and 38.6 percent, respectively. The oil production growth is attributable to easing of output restrictions under the OPEC+ deal.
The company drilled over 20,000 meters, or 82 percent more than in the same period in 2020.
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. Three production divisions, one oil refineries and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.
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.
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