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Direct Price of Oil Production by SOCAR Rose 5.6% in 2005

Oil&Gas Materials 11 September 2006 12:26 (UTC +04:00)

In 2005 the direct price of the commodity gas made up 315.3m AZN at the SOCAR. The direct cost of oil was 39.99 AZN per ton, Trend reports citing annual report of the State Oil Company of Azerbaijan for 2005. Production expenses for per ton of oil increased 2.13 AZN (5.6%) in 2005 as compared to 2004.

12.9% of total expenses fell on wages, 2.9% - social needs, 3.9% - amortization, 19.1% financial, 27.4% - royalties, 1.9% - rents, 19.8% - other expenses.

The report noted that increase of the direct price was a result of rise of salaries and financial expenses (in particular, increase of the prices of energy resources). SOCAR said that wages for gas production rose by 8,900 AZN (27.4%) and material expenses for gas 6,791 AZN (12.5%).

The comparative table of the direct price of the SOCARs gas in 2005:

Expenses

2004

2005

Difference, %

Expenses for

materials

54415

61206

12,5

Including subsidiary materials

33164

35581

7,3

Fuel

9250

12126

31,1

Energy

12001

13499

12,5

Wages

32448

41348

27,5

Remittances for social security

8495

9238

8,7

Amortization remittances

52033

51346

-1,3

Other expenses

159366

157669

-1,1

Royalties

88890

88022

-0,9

Rents

5845

6065

3,8

Other expenses

64631

63582

-1,6

Total production expenses

306757

320807

4,6

Expenses not included in gross product

545

0

-

Direct price of gross production

306212

320807

4,8

Internal circulation expenses

4108

4837

17,7

Full direct price of commodity product

878

634

-27,8

Amortization remittances

301226

315337

4,7

Other expenses

192

0

-

Royalties

301418

315337

4,6

Direct price of per ton of oil in AZN

37,86

39,99

5,6

Total production

8050108,000

7973329,000

-1,0

Commodity production

7960947,041

7885916,452

-0,9

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