SOCAR increases output by 7%

In 2021, the State Oil Company of Azerbaijan (SOCAR) produced 7.9 million tons of oil (+6.5% from 2020) and 7.9 billion cubic meters of natural gas (+7%) in the fields exploited by the State Oil Company of Azerbaijan (SOCAR) independently or as a major shareholder, Report informs.

The country's overall oil and gas production also continued to grow, especially gas. Thus, gas production increased by 18.1% year-on-year to 43.9 billion cubic meters. Azerbaijan also produced 34.6 million tons of crude oil with a slight increase during the year.

The slight growth in oil production is mainly due to the gradual removal of voluntary restrictions under the OPEC + agreement.