Azerbaijan

Shah Deniz celebrates 100 bcm of total gas production
Azerbaijan

Shah Deniz celebrates 100 bcm of total gas production

The milestone was achieved at the end of December, exactly 12 years after we first announced the start-up of commercial gas production from the field and start-up of operations of the South Caucasus Pipeline. First production from the field announced on 15 December 2006 marked the start of Stage 1 of the field development and since then gas has been […]

Two Platforms on ACG to Be Suspended for Maintenance in 2019
Azerbaijan Azerbaijan

Two Platforms on ACG to Be Suspended for Maintenance in 2019

BP-AzerbaijanCompany plans in 2019 to carry out maintenance work on two platforms in theAzeri-Chirag-Guneshli (ACG) field block, Tamam Bayatly, the spokesperson forthe company, reported. “Next year we plan to carry out preventive work on the Central Azeri and West Chirag platforms. During the prevention activities, production from these platforms will be stopped,” said T. Bayatly. She stressed that the timing […]

SOCAR Increased Network of Gas Stations in Romania to 41
Azerbaijan

SOCAR Increased Network of Gas Stations in Romania to 41

SOCAR has commissioned a new gas station in Romania, Romanian media reported. “The gas station was commissioned in the third largest city of Romania – Timisoara. Taking into account this station, the total number of gas stations under the brand SOCAR in Romania reached 41,” the report says. Currently, gas stations under the SOCAR brand operate in 19 regions of […]

Azerbaijan to Reduce Oil Production by 20,000 Barrels per Day
Azerbaijan

Azerbaijan to Reduce Oil Production by 20,000 Barrels per Day

Azerbaijan will reduce oil production by 20,000 barrels per day relative to the figure for October 2018 – to 763,000 barrels, the Ministry of Energy reports. “In order to facilitate the process of regulating the oil market, Azerbaijan supported the decision to reduce production. Azerbaijan pledged to cut production by 20,000 barrels per day. In October, production amounted to 783 […]

State Oil Fund of Azerbaijan Earns $ 8.3 Bn from ACG
Azerbaijan

State Oil Fund of Azerbaijan Earns $ 8.3 Bn from ACG

Revenues to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profit oil from the Azeri-Chirag-Guneshli block (ACG) and condensate from the Shah-Deniz field in January-October 2018 amounted to $ 8.3 billion. According to SOFAZ, in January-October, the revenue from the sale of profitable oil of Azerbaijan from ACG and condensate from Shah-Deniz amounted to $ 8 billion […]

Azərbaycanda ilin əvvəlindən gündəlik neft hasilatı 17,5 min barel azalıb - OPEK
Azerbaijan

Until 2022, Oil Production in Azerbaijan to Be Stable

The total oil production in Azerbaijan in 2020-2022 will be 116 million 993.7 thousand tons. According to government forecasts, indicated in the budget package, in 2020 the volume of oil production in the country will be 38 million 936.5 thousand tons, in 2021 – 39 million 96 thousand tons, and in 2022 – 38 million 961.2 thousand tons. According to […]

SOCAR Turkey receives ‘Digital Transformation of the Year’ award
Azerbaijan

SOCAR Turkey receives ‘Digital Transformation of the Year’ award

SOCAR Turkey Enerji A. Ş., a subsidiary of the State Oil Company of Azerbaijan (SOCAR) in Turkey, has been honored with the ‘Digital Tranformation of the Year’ award, Report informs citing the company’s official page in social networks. The award was conferred on the company at one of the leading technological events – SAP NOW Istanbul. It was presented to company’s IT […]

SOCAR Energy Georgia signs memorandum with Georgian Ministry
Azerbaijan

SOCAR Energy Georgia signs memorandum with Georgian Ministry

President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev accompanied by a number of company officials paid a working visit to Gerogia. According to Report, the meeting with Georgian Minister of Economy and Sustainable Development Giorgi Kobulia was held as part of the visit. During the meeting SOCAR Energy Georgia General Director Mahir Mammadov and Minister of Economy and Sustainable […]

SOCAR Turkey’s investments were awarded by announcing as Special Industrial Zone
Azerbaijan

SOCAR Turkey’s investments were awarded by announcing as Special Industrial Zone

Our investments in Turkey, continuously made for ten years, have been awarded by announcing as a Special Industrial Zone, SOCAR Turkey CEO Zaur Gahramanov said in connection with Turkish President Recep Tayyip Erdogan’s decision. SOCAR, which entered Turkey’s market through buying Petkim (51%) in 2008, has invested $14.2 billion so far and this figure will be $19.5 billion when the projects complete. […]

SOCAR’s giant investment project – STAR Refinery launched
Azerbaijan

SOCAR’s giant investment project – STAR Refinery launched

SOCAR, the largest direct foreign investor in Turkey, launched its $6.3-billion SOCAR Turkey Aegean Refinery – STAR Refinery, which will provide a large portion of oil products demand in the local market with 10 million tons of annual oil processing capacity. In coming years, SOCAR’s new refinery will be a solid contribution to the economies of Azerbaijan and Turkey.SOCAR’s $6.3-billion […]

Belt and Road Energy Partnership Declaration signed in China
Azerbaijan

Belt and Road Energy Partnership Declaration signed in China

Azerbaijani Energy Minister Parviz Shahbazov has made a speech at the Belt and Road Energy Ministerial Conference in China, Report informs. According to the Ministry, the minister said that China and Azerbaijan are fulfilling a connecting mission among continents and civilizations by restoring the historic Silk Road, forming new cooperation model of the Belt and Road Initiative in a large geography, which covers […]

Assets of Oil Fund of Azerbaijan increased to $39bn
Azerbaijan

Assets of Oil Fund of Azerbaijan increased to $39bn

Assets of the State Oil Fund of Azerbaijan (SOFAZ) as of October 1, 2018 increased by 8.88% to $ 38 billion 987.7 million, the Fund said. The revenues of the Fund in January-September 2018 amounted to 14 billion 437.2 million manat, and the expenses – 8 billion 5.9 million manat. In the income structure of the Fund, revenues from the […]

SOCAR unveils data on drilling, production and export for Q3
Azerbaijan

SOCAR unveils data on drilling, production and export for Q3

The State Oil Company of Azerbaijan managed to stabilize oil production and dramatically increase natural gas extraction through raising the volume of drilling works in Q3, 2018, Report informs citing the company’s statement. By the information, within the quarter SOCAR produced 1.9 million tonnes of oil and 1.67 billion cubic meters of natural gas, relevantly up by 1.5% and 11% over the […]