Vice president: SOCAR expands production internationally

The acquisition of a 10% stake in the Tamar project in the Mediterranean Sea and a 3% stake in the SARB and Umm Lulu fields development project last year by the State Oil Company of Azerbaijan (SOCAR) opens a new chapter in SOCAR's international production expansion.

As Report informs, SOCAR's Vice President Babek Huseynov stated this at the opening of the IADC Drilling Caspian 2025 conference in Baku.

"SOCAR has long been an international oil and gas company, but its foreign activities have mainly focused on oil and petroleum products processing, transportation, retail, and trading. Now we are expanding our international operations in production. This became possible through acquiring a 3% stake in the SARB and Umm Lulu offshore oil and gas project, as well as our recent entry into the Tamar gas-condensate field project in the Mediterranean Sea. These deals open a new chapter in SOCAR's international production expansion," noted Huseynov.

He also emphasized that the fields developed by Azneft Production Union (PU) play an important role in SOCAR's upstream sector: "More than 100,000 barrels of oil per day are produced under its direct management. The Union's activities cover both onshore and offshore operations."

According to Babek Huseynov, another strategic goal of the company is decarbonization and energy transition: "We strive to ensure all our operations align with the global agenda on fighting climate change. By setting clear goals and taking concrete steps, SOCAR makes significant contributions to international and regional initiatives on emission reduction."