In the third quarter of 2019, SOCAR increased oil production by 2.8% and natural gas production by 11.4% compared to the same period of the previous year, producing approximately 21 million tons of oil and over 1.81 billion cubic meters of natural gas.
During the reporting period, the company continued to implement the comprehensive action plan to maintain production level in the oil and gas fields exploited by SOCAR. The operation of some out-of-exploitation wells has also been resumed. The company performed more than 37 thousand3 meters of drilling work in the third quarter of 2019.
In total, more than 9.44 million tons of oil and 8.75 billion cubic meters of natural gas were produced in the country throughout the third quarter. 266 billion cubic meters of natural gas have been produced in the first nine months of the current year. This year 2.17 billion cubic meters of natural gas have been delivered to underground gas storage levelling the volume of gas reserved for the winter season to 2.98 billion cubic meters, while the filling of gas to the storages continues.
TOTAL CAPACITY TO REACH 2.5 MILLION CUBIC METERS
SOCAR Turkey held a ceremony for two new facilities in Special Industrial Zone of Aliaga. While inaugurating one of the facilities that will increase the STAR Refineryâ€™s storage capacity for crude oil and finished products, it laid foundation of another one.
STAR Refinery, the SOCAR Turkeyâ€™s subsidiary with 10 million tons of oil refining capacity a year, continues new investments for increasing its storage capacity. While SOCAR Storage Terminal Tank Expansion Project - one of the projects carried out in this framework â€“ was inaugurated, the foundation of STAR Refinery Crude Oil and Oil Product Tanks Project was laid. Rovnag Abdullayev, President of SOCAR, Vagif Aliyev, Chair of the Board of SOCAR Turkey, Zaur Gahramanov, CEO of SOCAR Turkey, Mesut Ilter, General Director of STAR Refinery, Anar Mammadov, General Director of Petkim, and executives of the project contractors attended the ceremony.
With the new investments, the storage capacity used by SOCAR Turkey and its customers will reach to 2.5 million cubic meters.
Speaking at the ceremony, SOCAR President Rovnag Abdullayev stated that SOCAR continues its investments in the oil, natural gas and petrochemical fields: â€śLast year we were here for the inauguration ceremony of the STAR Refinery. We are happy to be back in Aliaga for our new projects within a year. Our petrochemical investments constitutes an important pillar of our operations, creating a long-term income source by bringing added value to the Azerbaijan economy, as well as making a big contribution to the region and Turkey.â€ť In this context, Petkim generated TL 47.2 billion revenue and more than TL 4 billion net profit during the last decade.
The Azeri-Chirag-Gunashli (ACG) partnership today celebrated the 25th anniversary of the ACG production sharing agreement, signed on 20 September 1994 between the Government of Azerbaijan and eleven international companies representing eight countries.
This contract, which later became known as the â€śContract of the Centuryâ€ť, was extended in September 2017 until the end of 2049.
SOCAR president Rovnag Abdullayev said: â€śToday we celebrate the 25th anniversary of the PSA on the Azeri, Chirag and Deepwater Gunashli fields, known as the â€śContract of the Centuryâ€ť. This contract has played a unique role in the history of independent Azerbaijan. Although shorter than a moment from historical perspective, these 25 years passed in the atmosphere of strenuous day-to-day work. Looking back at this track of success and the magnificence of the projects weâ€™ve accomplished, weâ€™re filled with a sense of pride.
In the second quarter of 2019, SOCAR produced 1,9 million tons1 of oil and 1,7 billion cubic meters2 of gas on its own and managed to maintain the production level relatively stable compared to the same period of the previous year.
The company continued to implement a series of comprehensive measures to keep production level stable in the oil and gas fields exploited by itself. The operation of some out-of-exploitation wells has been resumed and drilling of new wells has increased the overall drilling capacity compared to the same period of last year. Thus, in the second quarter of 2019, the company performed more than 41,000 meters3 of drilling work.
SOCAR exported 4.9 million tons4 of crude oil, including profit oil of ACG, 172 million cubic meters5 of natural gas, 604 thousand tons6 of oil and petrochemical products. During the period there was a decline in the export of crude oil from SOCAR, but 48 percent growth in the export of oil and petrochemical products was recorded. It shows that one of the factors that led to a decline in crude oil and gas exports was the direction of more products to the processing.
The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.read more
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