SOCAR increases oil, gas production
The state oil company SOCAR has revealed the information on drilling, production and export figures in 2018.
During the year, SOCAR drilled a total of 160,000 meters (excluding operating companies and joint ventures), which is 16.6 percent more than the previous year's figure, the company told Trend.
In 2018, SOCAR production totaled 7.54 million tons of oil and 6.53 billion cubic meters of gas, 1.6 percent and 7.2 percent more, respectively, compared to the same period of the previous year.
Generally, 38.81 million tons of oil and 30.49 billion cubic meters of natural gas were produced in the republic in 2018. Thus, annual oil production was relatively stable and gas production increased by 6.6 percent.
SOCAR supplied the domestic demand with 11.2 billion cubic meters of natural gas last year, so company fully provided about 89 percent of its natural gas to meet the domestic demand.
Last year, SOCAR exported 23.88 million tons of crude oil, 1.8 million oil refineries and petrochemical products and 1.42 billion cubic meters of gas.
In 2018, the total export of natural gas in the republic amounted to 9.44 billion cubic meters, which is 11 percent more than in 2017. As much as 2.23 billion cubic meters of natural gas exported to the Turkish market, and 2.2 billion cubic meters of natural gas to the Georgian market.
Moreover, SOCAR transferred 1.604 billion manats ($ 0.94 billion) to the state budget in 2018.
The State Oil Company of Azerbaijan Republic (SOCAR) is one of the world's 50 largest oil companies. SOCAR's mission is to ensure the energy security of the Republic of Azerbaijan. Established in 1992, SOCAR aimed at manage Azerbaijan's oil resources on the basis of a single state policy, to improve the management structure of the oil industry and to ensure the development of fuel and energy complex.
Three production divisions, one oil refineries and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR. SOCAR has a significant position in a number of regional and international energy projects.