Azneft Announces Production Figures

Production Association (PA) Azneft (structure of SOCAR for oil and gas production) in January-September 2017 produced 4 million 624.8 thousand tons of oil and 3.87 bcm of gas.

According to the PA, over 9 months of 2016, Azneft produced 4 million 703.7 thousand tons of oil and 4.2 bcm of gas. Thus, oil production by the PA for the reported period in 2017 decreased by 1.7%, and gas production decreased by 7.9%.

Since the beginning of 2017, according to the order of the PA Azneft, 55 new wells have been commissioned, and as a result 91,000 tons of oil was additionally extracted.

Out of the idle fund, 81 wells were returned to the operating in January-September 2017 and 42.6 thousand tons of oil was additionally extracted.

* According to the plans, in 2017, Azneft plans to produce 6.3 million tons of oil and 5.55 bcm of gas.