SOCAR Announces Drilling, Production, Refining & Export for the Q2 of 2021

Source: www.gulfoilandgas.com 7/16/2021, Location: Asia

Due to the global oil demand growth, driven by COVID-19 vaccination, OPEC+ continued easing the restrictions on production volumes for participating countries.

This has led to the stabilization and growth of crude oil production at SOCAR. In the second quarter of 2021, about 2 million tons1 of crude oil and 2 billion cubic meters2 of natural gas were produced on the fields operated directly by SOCAR, a 7% increase both in oil and gas production in comparison to the same period of last year. SOCAR reduced the volume of drilling operations during the quarter, as one of optimization measures, down to 14 thousand meters5, as compared to the same period of the last year.

Nationwide natural gas production increased in comparison to the same period last year and was about 10 billion cubic meters3. Oil production slightly declined to 8.4 million tons4.

In the second quarter, SOCAR refined more than 1.8 million tons of crude oil6, a 24% increase from the second quarter of 2020. The company’s gas processing plant processed 819 million cubic meters7 of natural gas in the second quarter.

SOCAR exported 4.2 million tons8 of crude oil to world market in the reporting period. The volume of SOCAR’s crude exports includes both oil produced on its owned and operated fields and shares of SOCAR and Azerbaijan within the international consortiums. The country’s total gas export exceeded 3.5 billion cubic meters9, a 17% increase as compared to the same period of the last year. The export of refinery and petrochemical products totaled about 755 thousand tons10, which accounts for a 13% increase from the second quarter of the last year.

In the second quarter of this year, the actual level of gas consumption was ca. 2.2 billion cubic meters11 in the country.


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