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SOCAR´s drilling, production and export rates for 2018

The key performance indicators of SOCAR continued to grow in 2018.


Baku, January 30 - Neftegaz.RU. The key performance indicators of SOCAR continued to grow in 2018. During the year, SOCAR conducted over 160,000 meters of drilling work, excluding operating companies and joint ventures, a rise of 16.6 % against the relevant figure for 2017.

 

In 2018, SOCAR produced on its own accord 7.54 million tons of oil and 6.53 billion m3 of natural gas, increasing its production correspondingly by 1.6 % and 7.2 %, compared to the same period of the previous year. In total, Azerbaijan produced 38.81 million tons of oil and 30.49 billion m3 of natural gas in 2018. Thus, the annual oil production was relatively stable and gas production increased by 6.6%.

 

SOCAR exported 23.88 million tons of crude oil and 1.8 million tons of oil refining and petrochemical products in 2018. The company supplied 11.2 billion m3 of natural gas to meet domestic demand in the reporting year. Thus, about 89% of the natural gas realized by SOCAR were delivered directly to the domestic market, while completely covering the domestic demand of Azerbaijan.

 

The remaining 2 billion m3 were added to the gas storages and 1.42 billion m3 were exported by SOCAR on its own accord to the Turkish and Georgian markets. The country’s gas export amounted to 9.44 billion m3 over the past year exceeding the previous year’s export by 11%. In total, 7.23 billion m3 of natural gas were exported to Turkey and 2.21 billion m3 to Georgia from Azerbaijan.

 

Source : Neftegaz.RU