Gulf Oil and Gas accountACCOUNT

Drilling & Production and Export Rates for 2018

Source: www.gulfoilandgas.com 1/29/2019, Location: Asia

• SOCAR conducted over 160,000 meters of drilling work in the year1
• SOCAR's gas production increased by 7.2% compared to the previous year
• Azerbaijan produced 38.81 million tons of oil2 and 30.49 billion cubic meters of gas in 2018
• SOCAR exported 23.88 million tons of crude oil3, 1.82 million tons of oil refining and petrochemical products4, 1.42 billion cubic meters of natural gas5 in 2018
• Last year SOCAR provided almost 89% of the natural gas6 at its disposal to the local market, fully covering the domestic demand

The key performance indicators of SOCAR continued to grow in 2018. During the year, SOCAR conducted over 160,000 meters of drilling work, excluding operating companies and joint ventures, a rise of 16.6 percent against the relevant figure for 2017.

In 2018, SOCAR produced on its own accord 7.54 million tons of oil7 and 6.53 billion cubic meters of natural gas8, increasing its production correspondingly by 1.6 percent and 7.2 percent, compared to the same period of the previous year. In total, Azerbaijan produced 38.81 million tons of oil and 30.49 billion cubic meters of natural gas in 2018. Thus, the annual oil production was relatively stable9 and gas production increased by 6.6%.

SOCAR exported 23.88 million tons of crude oil and 1.8 million tons of oil refining and petrochemical products in 2018.

SOCAR supplied 11.2 billion cubic meters of natural gas10 to meet domestic demand in the reporting year. Thus, about 89% of the natural gas realized by SOCAR were delivered directly to the domestic market, while completely covering the domestic demand of Azerbaijan. The remaining 2 billion cubic meters11 were added to the gas storages and 1.42 billion cubic meters12 were exported by SOCAR on its own accord to the Turkish and Georgian markets.

The country’s natural gas export amounted to 9.44 billion cubic meters13 over the past year exceeding the previous year’s export by 11%14. In total, 7.23 billion cubic meters of natural gas were exported to Turkey and 2.21 billion cubic meters to Georgia15 from Azerbaijan.

Academician Khoshbakht Yusifzade, First Vice President of SOCAR, said: ''By investing in exploration and production projects, we can achieve energy security for our country and deliver more products to the market at a favorable moment. As new gas fields are being discovered in Azerbaijan we anticipate a significant increase of gas production in the future.''

Drilling News in Azerbaijan >>

Azerbaijan >>  7/18/2019 - Zenith Energy, the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, has announced that the commencemen...
Azerbaijan >>  7/17/2019 - In the second quarter of 2019, SOCAR produced 1,9 million tons1 of oil and 1,7 billion cubic meters2 of gas on its own and managed to maintain the pro...

Norway >>  7/16/2019 - Oil and gas company Equinor has failed to find hydrocarbons at the wildcat well 16/5-7, near the Johan Sverdrup field in the North Sea, offshore Norwa...
United States >>  7/16/2019 - Surge Energy US Holdings Company (Surge Energy) announced that its wholly owned subsidiary, Moss Creek Resources Holdings, Inc., has successfully comp...

Australia >>  7/15/2019 - Carnarvon Petroleum Limited (“Carnarvon”) (CVN) provides the following progress update in relation to the drilling of the Roc South-1 exploration wel...
Russia >>  7/15/2019 - Global drilling and engineering contractor KCA Deutag KCAD) is delighted to announce that its land drilling operation has won three new contracts in R...

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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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