SOCAR's new oil well put into operation
By Amina Nazarli
Azerbaijan’s state energy giant SOCAR will produce additionally about 7,300 tons of oil each year due to commissioning of new wells at the Caspian field of Western Absheron.
This is the 24th well at the field, where oil will be removed from the borehole in the range of 812-733 meters.
The country’s energy giant is implementing a program to stabilize and increase oil production.
SOCAR produced 7.58 million of oil from onshore and offshore fields in January-November 2015 compared to 7.7 million in the same period in 2014.
The company produces about 20 percent of the country's oil output. The remaining 80 percent of Azerbaijan's output comes from the ACG oil fields by the BP-operated Azerbaijan International Operating Company and at the BP-operated Shah Deniz field (which produces oil condensate).
Oil production in Azerbaijan increased from 315,000 bbl/d in 2002 to 1.0 million bbl/d in 2010. However, production declined since then, falling to 932,000 bbl/d in 2012 and 881,300 bbl/d in 2013.
Alongside crude oil, SOCAR is also the only producer of petroleum products, which owns Baku Oil Refinery named after Heydar Aliyev.
Azerbaijan’s oil products are exported to countries such as Turkey, Georgia, Italy, Egypt, Greece, Lebanon, Singapore, Ukraine, Afghanistan, Tajikistan, Uzbekistan, Malta, Libya, Romania, China, Spain, the Bahamas and more.