SOCAR received 1.3 bln cubic meters of gas in first half year

Baku. 22 August. REPORT.AZ/ In the first quarter of 2016, Azerbaijan International Operating Company (AIOC) transferred 1,31 bln cubic meters of gas (on average 7.2 mln cubic meters per day) to the State Oil Company of Azerbaijan Republic (SOCAR).

Report referring to the report of BP-Azerbaijan, during this period, the volume of associated gas decreased by 37.6% year on year, "The rest of the associated gas re-injected into the reservoir to maintain pressure."

Notably, the Production Sharing Agreement (PSA) signed on September 20, 1994 in Baku by the Government of Azerbaijan and a consortium of 11 foreign oil companies. In February 1995, Azerbaijan International Operating Company (AIOC) was established. AIOC controls field block on behalf of BP.

Participants in the project are the companies BP (35,8% - operator), SOCAR(11,6%), Chevron (11,3%), Inpex (11%), Statoil (8,6%), ExxonMobil (8%), TPAO (6,8%), Itochu (4,3%), ONGC Videsh Ltd. (2.7%).