SOCAR drilling new well on Oil Rocks field
By Sara Israfilbayova
Azerbaijan’s state oil company SOCAR will additionally produce around 3,650 tons of oil and 365,000 cubic meters of gas annually through commissioning of a new well which is being drilled on the Oil Rocks offshore field.
The company reported that the projected depth of the well is 1,300 meters, while the daily debit is expected to be 10 tons of oil and 1,000 cubic meters of gas.
SOCAR produced 3.1 million tons of oil from Azerbaijan’s offshore and onshore fields in January-May 2017 as compared to 3.16 million tons in the same period of 2016.
In 2016, SOCAR produced 7.52 million tons of oil from Azerbaijan’s offshore and onshore fields, as compared to 8.16 million tons in 2015. In total, oil production stood at 41.03 million tons in Azerbaijan in 2016, as compared to 41.58 million tons in 2015.
SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.
Azerbaijan plans to produce more gas and less oil in 2017 by 0.8 percent up to 29.561 bcm.
Last December, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017, with the possibility of extension.
The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day.
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