By Sara Israfilbayova
Azerbaijan’s energy giant SOCAR will additionally produce more than 4,000 tons of oil annually through commissioning of a new well in the Caspian Sea.
The company reported that the well was commissioned at the Oil Rocks offshore field in the Azerbaijani sector of the Caspian Sea.
Oil with a flow rate of 11 tons per day is extracted within the range of 1,392-1,387 meters.
SOCAR produced 1.85 million tons of oil at Azerbaijan’s offshore and onshore fields in January-March 2017, as compared to 1.9 million tons in January-March 2016.
The company produced 7.52 million tons of oil at Azerbaijan’s offshore and onshore fields in 2016 as compared to 8.16 million tons in 2015. Along with SOCAR, foreign companies also extract oil in Azerbaijan. In total, 41.03 million tons of oil was produced in Azerbaijan in 2016, as compared to 41.58 million tons in 2015, according to SOCAR.
SOCAR 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 is 100 percent owned by the government of Azerbaijan. SOCAR participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.
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