SOCAR starts new phase in management of hydrocarbon reserves

As part of the transformation project being implemented by the State Oil Company of Azerbaijan (SOCAR), a new phase has been launched in the management of hydrocarbon reserves, Report informs, citing SOCAR.

The process of transitioning to SPE/PRMS standards has begun in this regard.

The project is planned to be implemented in two phases. During the first phase – the transition period – a management model in accordance with the SPE/PRMS system will be applied to 22 main fields, and in the second phase, other fields will be integrated into this system. In the pilot project, reserve calculations according to SPE/PRMS standards will be carried out in the West Absheron field using internal resources.

For this purpose, a number of SOCAR employees working in the upstream sector have successfully completed special training programs organized by an international company.

Additionally, an opening ceremony was held for training sessions to be organized at the Neftgazelmitedgigatlayihe Institute for employees who perform reserve calculations.

Speaking at the event, SOCAR Vice President Arzu Javadova discussed the strategic importance of the transformation project and emphasized the importance of centralized management of reserves.