BAKU, Azerbaijan, August 9. Azerbaijani state oil company SOCAR's production will grow by 0.5 percent annually in 2023-2025, Trend reports via Fitch Ratings.
Fitch analysts recall that SOCAR's oil and gas output remained broadly stable in 2023 at 286,000 barrels of oil equivalent per day (kboe/d).
“This followed Azerbaijan's 8 percent decrease in oil output and 3 percent higher gas production. Azerbaijan's oil production has historically decreased and we do not expect this to materially change. We assume SOCAR's production will grow by 0.5 percent annually in 2023-2025 on the back of higher natural gas output,” reads a report released by the rating agency.
SOCAR is engaged in exploration of oil and gas fields, the production, processing and transportation of oil, gas and gas condensate, the sale of oil and petrochemicals in the domestic and international markets, the supply of natural gas to industrial enterprises and the population of Azerbaijan, as well as Europe.
The company conducts various activities in countries such as Türkiye, Georgia, Romania, Switzerland, Germany and Ukraine, including trading activities mainly in Switzerland, Singapore and Nigeria.
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