BAKU, Azerbaijan, June 5. The State Oil Company of Azerbaijan Republic (SOCAR) is undertaking two main tasks: stabilizing production at the Azeri-Chirag-Gunashli (ACG) block of fields and exploring possibilities for developing new oil fields, SOCAR Vice President Babak Huseynov said at the “Breaking the Mold: Reshaping Energy Solutions” panel session within Baku Energy Week at Baku Expo Center, Trend reports.
“Our main goal now is to stabilize the low production rates at ACG to prevent the decline of oil production in the country and manage this process. We are working on the task with bp and ACG partners. First, we want to reduce the rate of production decline at this block and then maintain the achieved production level for some time,” he said.
After achieving the set goals for ACG, SOCAR will shift its focus to developing new fields, most likely starting with the Karabakh field in the Caspian Sea, where there are confirmed oil reserves.
“This step-by-step approach aims to maintain oil production in the country at the necessary level,” Huseynov said.
According to Huseynov, SOCAR will use innovative methods to achieve these objectives.
To note, SOCAR is involved in the exploration, production, processing, and transportation of oil, gas, and gas condensate. It also markets oil and petrochemical products domestically and internationally and supplies natural gas to industrial enterprises and the population of Azerbaijan and Europe.
The company operates in Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine, and conducts trading activities primarily in Switzerland, Singapore, and Nigeria.
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