Fitch Ratings: SOCAR to increase production in 2023-2025

Fitch Ratings expects SOCAR's production to grow by 0.5% annually in 2023-2025 on the back of higher natural gas output, Report informs, citing the agency.

“SOCAR's oil and gas output remained broadly stable in 2023 at 286,000 barrels of oil equivalent per day (kboe/d). This followed Azerbaijan's 8% decrease in oil output and 3% higher gas production. Azerbaijan's oil production has historically decreased and we do not expect this to materially change. We assume SOCAR's production will grow by 0.5% annually in 2023-2025 on the back of higher natural gas output,” the agency stated.