SOCAR to drill new well at Oil Rocks

29 March 2016 10:50 (UTC+04:00)

By Amina Nazarli

Azerbaijan’s state oil company SOCAR will produce about 3,650 tons of oil annually through commissioning of a new well being drilled at the Oil Rocks offshore field in the Caspian Sea.

The well’s projected depth is 1,860 meters and its daily debit is expected to reach 10 tons of oil, SOCAR reported on March 28.

SOCAR is currently implementing a program to stabilize and increase oil output.

The company produced 8.16 million tons of oil in 2015 as compared to 8.32 million tons produced in 2014. SOCAR produced 8.32 million tons of oil in 2014 compared to 8.31 million tons in 2013.

Oil Rocks is located to the south-east of Absheron Archipelago. Oil prospecting with geological survey, structure drilling, seismic prospecting and preliminary drilling started in 1945. On August 24, 1949, the first offshore exploration well at Neft Dashlari (Oil Rocks) was launched after the causeway was built. Intensive development began in 1950.

Although Azerbaijan's share in global oil production is negligible and does not affect the formation of prices, SOCAR president Rovnag Abdullayev said the country is going to freeze oil production in 2016 at the level of 2015.

In 2015, Azerbaijan produced about 0.8 million barrels of oil a day, while the global output level hit 95.71 million barrels per day.

Last year, Azerbaijan produced 41.6 million tons of oil against forecasted 40.7 million tons, and exported 38.1 million tons of oil to world markets.

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