Uniper SE and SOCAR will collaborate on projects aimed at improving the energy efficiency of oil and gas production in Azerbaijan.
The two companies signed an agreement to that effect today in Baku during of German Chancellor Angela Merkelâ€™s trip to Azerbaijan. The German energy provider and the Azerbaijan state oil and gas company have been working in close cooperation for the past five years.
The principle aim of the new agreement is to enhance efficiency in energy use in production processes and thereby lower greenhouse gas emissions in Azerbaijan. Initial projects have already been identified and are now set to be reviewed in greater detail. The feasibility study shows, thanks to the application of modern technologies, a significant achievement of natural gas savings in the gas grid is possible.
The EU Member States agreed on European Commission proposal to invest â‚¬48.4 million in several key European energy infrastructure projects using funds coming from CEF Energy (Connecting Europe Facility) during first 2018 Call.
This decision also grants financial assistance to TANAP in the amount of â‚¬5.044.394 to undertake â€śCathodic protection verification and re-modification studies for As-Built designâ€ť.
TANAP Natural Gas Pipeline Project is one of 2 natural gas projects which is selected for financial assistance under the first CEF Energy Call for Proposals 2018.
In November 2017 the Commission published its third list of PCIs, which contains 173 projects (of which 53 is natural gas projects). PCIs have access to a total of â‚¬5.35 billion in funding from CEF Energy, the EU's â‚¬30 billion fund for boosting energy, transport, and digital infrastructure between 2014 and 2020.
â€˘ SOCARâ€™s oil production increased by 3.6 percent and gas production by 5.3 percent
â€˘ 19.4 mln. tons of oil and 14.4 billion cubic meters of gas was produced during the six months of the year
â€˘ Oil production in the country increased by 1.2%, gas production - by 3.1%
SOCAR's oil production in the second quarter of the current year increased by 3.6 percent to 1.9 million tons, and gas production increased by 5.29 percent to 1.66 billion cubic meters. 3.7 mln tons of oil and 3.2 bln. cubic meters of gas were produced by SOCAR within 6 months. Totally 19.38 mln. tons of oil, 14.36 bln cubic meters of gas were produced in the country for the first six months of 2018. Compared with the same period of the previous year, it was 1.2% growth in oil production and 3.1% in gas production.
Stabilization and enhancement of production by SOCAR is linked to a complex action plan on strategically important fields. Increasing drilling in this direction also plays an important role. About 80,000 meters of wells were drilled in January-June 2018, which is an increase of 8.4% over the same period last year. More than 39,000 meters of drilling operations fall to the 2nd quarter of 2018 (April-May-June).
In the second quarter of 2018, significant growth was observed in the export of crude oil and oil products. Crude oil exports increased by 18% to 6.1 million tons compared to the same period last year. Crude oil exports in June of the current year increased by 24% to 2.1 million tons, up from the same period last year.
According to audited financial statements, SOCAR's gross profit in 2017 increased by 78% to AZN 92.6 billion. Compared to the results for 2016, the net profit increased nearly 6 times reaching AZN 2.09 billion. SOCAR increased its total assets by 16% to AZN 61.3 billion.
The financial results and indicators for 2017 exceed the results achieved before crisis in the oil industry. These positive financial results can be attributed largely to the following: .
â€˘ In 2017, SOCAR almost tripled the volume of oil and oil products purchased from third parties, which resulted in the growth of overall trade turnover by more than double; .
â€˘ higher profits from petrochemical products; .
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
When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.read more