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SOCAR reduces drilling work

Oil&Gas Materials 30 October 2023 17:59 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, October 30. Azerbaijan’s state oil company SOCAR has drilled more than 15,000 meters in the third quarter of 2023, as compared to over 18,000 meters in the same period in 2022.

As such, the volume of drilling by SOCAR has decreased by 16.7 percent year-on-year.

The company has produced around 2 million tons of oil and about 2 billion cubic meters of gas in 3Q 2023. The overall oil and gas production in Azerbaijan during the reporting period stood at more than 7.5 million tons and 12 billion cubic meters of gas, respectively. Gas production has increased by 9.4 percent year-on-year.

SOCAR operates in diverse sectors, encompassing oil and gas field exploration, oil, gas, and gas condensate extraction, processing, and transportation, alongside the distribution of oil and petrochemical products in both domestic and international markets. Furthermore, the company plays a crucial role in supplying natural gas to both industrial enterprises and the general population of Azerbaijan, as well as extending its services to Europe.

Beyond Azerbaijan, SOCAR is actively involved in numerous international ventures, spanning countries such as Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine. Additionally, the company engages in significant trading operations primarily based in Switzerland, Singapore, and Nigeria.

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