SOCAR prevents decline in oil and gas output

Baku. 17 February. REPORT.AZ/ 535 435 tons of oil has been produced last month on 'Azneft' Production Union of the State Oil Company of Azerbaijan Republic (SOCAR), which is engaged in oil and gas producing from the country's onshore and offshore fields.

Report was told in the production union, last month production plan made 534 450 tons, thus, task has been implemented by 100,2%.

It was stated that during January, growth rate has also been observed in the figures of gas production field: 'However, 473,8 million cubic meters of gas production considered for the analogical period of 2016, in fact, this figure was equal to 489,5 million cubic meters. The plan has already been implemented by 3,3%.

It was noted that the union has prevented decline rate of oil and gas output in January and achieved increase by successful drilling operations: In addition, as a result of technical and geological measures conducted by the staff, 'Azneft' Production Union extracted additional oil-gas on the plan from exploited wells.'

According to the information, despite 2 wells planned from inactive well fund last month, 16 wells have been returned to exploitation. However, production of 92 tons of oil planned from these wells, actually, 845 tons of oil produced: '61 geological measures have been carried out in January by conducting effective geological and technical measures in order to keep and increase oil and gas extraction rate. As a result, 1 961 tons of oil has been produced, it means 23 measures and 591 tons of oil more than the plan accordingly. As a result of carried out technical and technological measures, 3 881 tons of oil has been produced against 3 090 tons of plan.

The organization states that last month 4 new wells have been drilled and put into operation under the order of 'Azneft' PU. As a result of drilling of new wells, 1 338 tons of oil has been produced against 1 089 tons of plan.