Azernews.Az

By Amina Nazarli

The company reported that the well’s projected depth is 1,310 meters and its daily yield is expected at the level of 10 tons.

SOCAR produced 6.94 million tons of oil at Azerbaijan’s offshore and onshore fields in January-November 2016 as compared to 7.58 million tons in the same period of 2015.

SOCAR produced 8.16 million tons of oil at those fields in 2015, as compared to 8.32 million tons in 2014. Along with SOCAR, foreign companies also extract oil in Azerbaijan. In total, 41.59 million tons of oil were produced in Azerbaijan in 2015, as compared to 42.02 million tons in 2014.

Azerbaijan plans to produce some 39.797 million tons of oil in 2017, while the figure is 3.7 percent lower than the index of 2016. Average daily oil production will amount to 800,000-807,000 barrels in 2017 (in line with Vienna accord), while the daily output for 2016 stands at 842,000 barrels.

Azerbaijan holds 0.4 percent of the world’s total proven oil reserves, and produce 1 percent of the world’s oil total output according to the BP Statistical review of World Energy 2015.

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