During 2015 proved oil resources of SOCAR increased by 3% and totaled 74.34 million tons against 72.05 million tons in 2014.
SOCAR reported that by January 1, 2016 proved gas resources of SOCAR totaled 55 bcm against 54.96 bcm in 2015.
The volume of proved oil and gas resources of SOCAR is based on the resources of four main fields – Guneshli, Neft Dashlary, Bulla Deniz and Umid offshore fields.
In 2015 the volume of oil extraction by SOCAR totaled 8.16 million tons against 8.3 million tons in 2014 and volume of gas extraction totaled 6.87 bcm and 7.01 bcm.
In 2015 the volume of oil refinery by SOCAR totaled 6.48 million tons against 6.74 million tons in 2014.—0—
Economics
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Heads of national road transport associations from member states of the Organization of Turkic States (OTS - TDT) gathered in Istanbul to launch a landmark initiative: the creation of the International Association of Road Transporters (TDT-URTA). This ambitious plan, unanimously approved by all participants, marks a significant step toward enhancing cooperation in road transportation among Turkic-speaking nations.
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The European company Tree Energy Solutions (TES), with headquarters in Switzerland and Belgium, has signed a Joint Study Agreement (JSA) with SOCAR during COP29. The agreement aims to explore the development of a project for producing electricity from natural gas in the form of e-NG (synthetic methane) and hydrogen in Azerbaijan.
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EU Commissioner for Climate, Wopke Hoekstra, voiced his concerns about the inclusiveness of discussions surrounding key documents at the COP29 summit during a session organized by the presidency on November 21, called the "Kurultai" (the official name of the event).
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Azerbaijan plans to allocate 7.676 billion manat ($4.5 billion) for the financing of the State Social Protection Fund (SSPF) in 2025, marking a 10.5% rise from the 2024 budget, according to Musa Quliyev, Chairman of the Parliamentary Committee on Labor and Social Policy.
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