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Caspian Energy Journal Caspian European Club
Wednesday, 30 January 2019 13:00

Gas production expected to grow notably in Azerbaijan

Gas production expected to grow notably in Azerbaijan

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 percent against the relevant figure for 2017, Caspian Energy News (www.caspianenergy.net) reports with reference to the press statement of SOCAR.

In 2018, SOCAR produced on its own accord 7.54 million tons of oil and 6.53 billion cubic meters of natural gas, increasing its production correspondingly by 1.6 percent and 7.2 percent, compared to the same period of the previous year. In total, Azerbaijan produced 38.81 million tons of oil and 30.49 billion cubic meters 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.

SOCAR supplied 11.2 billion cubic meters 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 cubic meters were added to the gas storages and 1.42 billion cubic meters were exported by SOCAR on its own accord to the Turkish and Georgian markets.

The country’s natural gas export amounted to 9.44 billion cubic meters over the past year exceeding the previous year’s export by 11%. In total, 7.23 billion cubic meters of natural gas were exported to Turkey and 2.21 billion cubic meters to Georgia from Azerbaijan.

''By investing in exploration and production projects, we can achieve energy security for our country and deliver more products to the market at a favorable moment. As new gas fields are being discovered in Azerbaijan we anticipate a significant increase of gas production in the future”, First Vice President of SOCAR, Academician Khoshbakht Yusifzade said.

More details: http://www.socar.az/socar/en/news-and-media/news-archives/news-archives/id/11294

Person in charge of the newsline: Olga Nagiyeva 

 

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