BAKU, Azerbaijan, May 8. Azerbaijan’s state oil company SOCAR, reported a gas production of 2 billion cubic meters in the first quarter of 2024, down from 2.2 billion cubic meters during the same period in 2023, representing a more than 9 percent decrease, Trend reports.
Meanwhile, SOCAR's oil production remained steady at 1.9 billion tons in the first three months of 2024, unchanged from the previous year.
Total gas output in Azerbaijan increased by 3.4 percent year-on-year, reaching 12.6 billion cubic meters, while overall crude oil production amounted to 7.3 million tons.
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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