SOCAR's oil production hits 1.8 million tons in 3Q2020

16 October 2020 12:50 (UTC+04:00)

By Ayya Lmahamad

Azerbaijan's State Oil Company (SOCAR) has produced over 1.8 million tons of oil and over 1.8 billion cubic meters of gas in the third quarter of 2020, the company has reported.

Due to the restrictive obligations under the OPEC+ agreement, oil production has decreased compared to the same period of 2019. However, gas production continues to grow, as restrictions cover only crude oil production.

Moreover, the company has processed about 1.3 million tons of oil and over 827 million cubic meters of natural gas.

Likewise, during the reporting period, SOCAR's export of raw materials amounted to 3.7 million tons of oil and over 148 million cubic meters of gas.

It should be noted that in the third quarter of 2020, the country consumed about 2.3 billion cubic meters of gas and exported more than 3 billion cubic meters of gas, which is by 13 percent more than in the same period of last year.

Additionally, during the third quarter of the year, 571,000 tons of oil, petrochemical and gas-chemical products manufactured by SOCAR enterprises were exported to foreign countries.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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