SOCAR commissions new well in Caspian Sea
By Sara Israfilbayova
The Azerbaijani state oil company SOCAR will additionally extract almost 4,750 tons of oil annually due to the commissioning of a new well on the offshore field Oil Rocks.
The Oil Rocks was discovered in 1949. An industrial settlement 100 miles off the coast of Baku, the Oil Rocks is a complete town on the sea. The first oil platform in Azerbaijan, the Oil Rocks was also the first operating offshore oil platform in the world.
By the end of 2016 almost 1 million tons of oil was extracted from the field.
SOCAR produced 3.71 million tons of oil from offshore and onshore fields of the country in January-June 2017 against 3.78 million tons produced in the same period of 2016.
The forecast for oil production in the country in 2017 stands at 39.797 million, while the figure is 3.7 percent lower than the index of 2016.
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.
The company is involved in upstream, midstream and downstream operations. Its main functions pertain to the extraction, refining, transportation of oil, gas and gas condensates, and sale of gas and oil and gas products.
SOCAR participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.
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