SOCAR reveals details of oil, gas revenues in 2023

The State Oil Company of Azerbaijan (SOCAR) exported 2.289 million tons of oil (including condensate) worth $1.489 billion in 2023, Report informs, citing Azerbaijan’s State Statistical Committee.

This represents an increase of 1.98 times in volume and 1.8 times in value compared to 2022.

Additionally, SOCAR exported over 2.683 billion cubic meters of gas (including associated gas), which is a decrease of 4.8%, worth $945.74 million, a reduction of 1.9 times.

The company's tax deductions in 2023 exceeded 802.1 million manats ($471.8 million), a 23.3% decrease.

By the end of last year, SOCAR had 2,503 oil wells (up from 2,454 in 2022) and 237 gas wells (down from 245 in 2022).