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SOCAR starts drilling new well at Oil Rocks field

20 October 2016 17:23 (UTC+04:00)
SOCAR starts drilling new well at Oil Rocks field

The State Oil Company of Azerbaijan Republic (SOCAR) has started drilling a new well at the Oil Rocks field, Azertac reported.

The well would be drilled to 1,380 meters of depth, and its daily production would reach 10 tons of oil, SOCAR said.

SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical enterprises) and Azerigas (distributor of gas) as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.

The company, which has 36 joint enterprises, is the sole producer of oil products in Azerbaijan.

SOCAR’s assets currently stand at 40 billion Azerbaijani manats ($ 25.04) its share capital is 13.5 billion manats ($ 8.4) and authorized capital is 1.6 billion manats ($ 1.01).

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