SOCAR managed to maintain production levels in second quarter of 2019 at its own expense

In the second quarter of 2019, SOCAR independently produced 1.928 million tons of oil and 1.672 billion cubic meters of gas, and kept the production level stable compared to the same period of the previous year.

Report was told in the press service of SOCAR.

Comprehensive action plan to maintain production levels in the oil and gas fields operated by the Company continued, number of obsolete wells have been restored, no new wells were drilled, in general, the volume of drilling operations increased compared to the same period last year. In the second quarter of this year, the company carried out 41,593 meters of drilling works.

During the reporting period, SOCAR exported 4,911,586 thousand tons of crude oil, including profit oil, 172.292 million cubic meters of natural gas, 604.6 thousand tons of oil and petrochemical products.

Although there has been a decline in crude oil exports, 48% increase in oil and petrochemical exports was recorded. This indicates that one of the factors causing decline in the export of crude oil and gas is fact that more products are being processed.

In the second quarter, together with other extractive companies Azerbaijan produced 9,061 million tons of oil and 8.238 billion cubic meters of gas in total. 2,441,574 million cubic meters of natural gas was exported during the said period. The increase in natural gas exports associated with the launch of the Southern Gas Corridor was about 37% compared to the same period last year.