Proven gas reserves of SOCAR (State Oil Company of Azerbaijan) on January 1, 2014 amounted to 61.15 billion cubic meters versus 23.82 billion cubic meters by the end of 2012, stated the report on the sustainable development of SOCAR on the results of 2013, published on the official website of the State Oil Company.
The proven oil reserves of SOCAR on the results of last year totaled 78.5 million metric tons versus 71.66 million metric tons in 2012, according to the report.
The report noted that the volume of proven oil and gas reserves of SOCAR was determined based on the stocks of nine major fields. In particular, the matter rests in the Guneshli, Oil Rocks, Pirallahi, Bank of Darwin, Sangachal-Duvanly Deniz Khere-Zire Alat-Deniz, Bulla Deniz offshore fields, as well as the onshore Bibi Heybat, Lokbatan-Puta-Gushhana fields. Estimation of oil and gas on the basis of a contract with SOCAR was carried out by Miller & Lents.
SOCAR’s oil production in 2013 amounted to 8.31 million metric tons versus 8.29 million metric tons in 2012, and gas production amounted to 7.14 billion cubic meters and 6.92 billion cubic meters correspondingly. The volume of oil refining companies in the past year amounted to 6.53 million metric tons versus 6.17 million metric tons in 2012.
SOCAR includes Azneft (companies producing oil and gas offshore and onshore), Azerkimya (chemical industry) and Azerigas production associations.
Moreover, the State Oil Company comprises a number of processing enterprises, service enterprises, institutions involved in geophysical and drilling operations.
