News Archive

27 July 2018

Drilling, production and export figures for second quarter of 2018


• SOCAR’s oil production increased by 3.6 percent and gas production by 5.3 percent

• 19.4 mln. tons of oil and 14.4 billion cubic meters of gas was produced during the six months of the year

• 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.

An increase of oil products exports was recorded as 19% that is about 350,000 tons of oil products were exported in April-May-June last year, and this year this figure was above 410,000 tons. Exports of diesel fuel increased by about 48%, condensed isopropyl alcohol - 69%, liquid pyrolysis resin - 27%, propylene - 30%, butylene butadiene fractions - by 37%.

Elshad Nasirov, SOCAR Vice President for Investments and Marketing, expressed his view on positive dynamics in oil and oil products exports: ''Increasing the SOCAR’s share of ACG fields from 11,65% to 25% indicates the amount of crude oil export, as well as higher crude oil produced in the second quarter of the current year, compared with the corresponding period of 2017, led to an increase in the amount of oil products export''.