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SOCAR started extracting more hydrocarbons thanks to drilling of new wells

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SOCAR-AQS

For the first time during 6 months, 2014 SOCAR has extracted 4,198,000 tons of oil, up 1.2% against the same period last year.

            Rahman Gurbanov, SOCAR Vice President for Production and Transportation, said earlier that in 2014 the company plans to extract 8.4 million tons of oil.

            During 6 months 2014 SOCAR has increased gas production by 6.2% against the same period last year. During 6 months the company has made 3,821,000,000 cub.m. of gas.

            Growth of oil and gas production by SOCAR is caused by the fact that since the second half of last year SOCAR has started wide-scale drilling of operation wells offshore. According to SOCAR, till the end of 2015 it is planned to drill 230 wells.

            According to the semi-annual results, total gas production has declined in Azerbaijan. During 6 months, 2014 it totaled 15,390 billion cub.m., down 2.3% against the same period last year (15,758 billion cub.m.). The oil production in the country has been going down. Gradual decline of production on the main fields – Azeri-Chirag-Guneshli (ACG) offshore bloc of fields – also affects reduction of the volume of hydrocarbons in Azerbaijan.

 

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