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Drilling, Production & Export Rates for the Second Quarter of 2019

Source: www.gulfoilandgas.com 7/17/2019, Location: Asia

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 production level relatively stable compared to the same period of the previous year.

The company continued to implement a series of comprehensive measures to keep production level stable in the oil and gas fields exploited by itself. The operation of some out-of-exploitation wells has been resumed and drilling of new wells has increased the overall drilling capacity compared to the same period of last year. Thus, in the second quarter of 2019, the company performed more than 41,000 meters3 of drilling work.

SOCAR exported 4.9 million tons4 of crude oil, including profit oil of ACG, 172 million cubic meters5 of natural gas, 604 thousand tons6 of oil and petrochemical products. During the period there was a decline in the export of crude oil from SOCAR, but 48 percent growth in the export of oil and petrochemical products was recorded. It shows that one of the factors that led to a decline in crude oil and gas exports was the direction of more products to the processing.

In the second quarter, more than 9 million tons7 of oil and 8 billion cubic meters8 of gas, including the rates of other production companies in Azerbaijan, were produced in the country. More than 2.4 billion cubic meters9 of natural gas was exported from the country during that period. The increase in natural gas exports associated with the launch of the Southern Gas Corridor amounted to about 37 percent compared to the same period of last year.

Academician Khoshbakht Yusifzade, First Vice President of SOCAR, said: ''There are rich and professional oil traditions in Azerbaijan, homeland of the world's oldest oil industry. On the other hand, the fact that the world's oldest and longest-running fields are in our country creates challenges before us. From this point of view, our main goal in the upcoming period is to extend the life of the existing fields through all means.

On the other hand, the successful development of new fields creates conditions for increasing gas production in our country and some balancing oil and gas revenues in the future. We expect 20 percent of growth in the country’s gas production by the end of 2019. In the coming years, gas production in the country will grow on the rising line. This positive trend also opens new opportunities for the development of gas processing and the chemical industry.''

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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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