BAKU, Azerbaijan, May 8. Azerbaijan’s state oil company SOCAR, reported that drilling operations in the first quarter of 2024 covered 18,000 square meters, down from approximately 20,000 square meters during the same period in 2023, Trend reports.
This marks a 10 percent decrease in drilling activity year-on-year. In contrast, drilling volume experienced a 7.6 percent annual growth in 2023.
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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