Moody’s: SOCAR expects stable oil, gas production in medium-to-long term

The State Oil Company of Azerbaijan (SOCAR) expects stable hydrocarbon production volumes in the medium and long term, reads a new rating statement by Moody's on SOCAR, Report informs.

"At the same time, following some period of stabilisation in hydrocarbon production, SOCAR reported a decrease in its oil and gas production by 3.8% and 8.3%, respectively, in 2024, which represents a concern. However, the company views this decline as natural short-term volatility in operating performance and expects stable production volumes in the medium-to-long term. In addition, to support its oil and gas output, SOCAR has embarked on international upstream expansion as demonstrated by debut acquisition of a 3% participating interest in the Umm Lulu and Satah Al Razboot offshore oil concessions from Abu Dhabi National Oil Company (ADNOC) in 2024 and a 10% stake in Israel's Tamar offshore gas field in 2025."