Drilling, Production & Export Figures for the Q3 of 2018

Source: www.gulfoilandgas.com 10/17/2018, Location: Asia

Following the growth in production, over 3 billion cubic meters of gas have been supplied to gas storage facilities.

SOCAR has managed to stabilize oil production and increase its natural gas production significantly by increasing the drilling capacity in the third quarter of 2018. During the quarter, SOCAR production amounted to 1.9 million tons of oil and 1.67 billion cubic meters of natural gas , increasing 1.5% and 11% respectively compared to the previous year's figures. Overall, 29 million tons of oil and 22 billion cubic meters of natural gas were produced in Azerbaijan in the first nine months of 2018. Compared to a year earlier, the country's oil production grew by 0.8% and gas production by 4,5%.

During the quarter, SOCAR has carried out more than 42 thousand meters of drilling work, surpassing the last year’s same period figures by 43%. In addition to increased drilling capacity, old and redundant wells were repaired and reactivated, allowing SOCAR to stabilize its production.

During the first 9 months of this year, Azerbaijan imported 1.59 billion m3 and exported 6.48 billion m3 of gas . The imported and exported gas volumes increased by 22.6% and 5.8% respectively compared to the same period of last year. During the first 9 months of the current year SOCAR exported 871.8 million m3 of gas , increasing it by 0.5% compared to the results of previous year’s same period. SOCAR directs all natural gas produced in Azerbaijan by own efforts to the local market. SOCAR exports natural gas, acquired from third parties, to bring additional profit to Azerbaijan. SOCAR has already collected over 3 billion cubic meters of gas in gas storages for the winter season.

In the third quarter, SOCAR’s crude oil export reached 6 million tons exceeding the last year’s respective figures by 9.3%. During the quarter SOCAR exported 465,800 tons of oil and petrochemical products from Azerbaijan, reaching 43% growth compared to a year earlier.


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