State Oil Company of Azerbaijan (SOCAR) has put into operation a new well on the shallow section of the Guneshli field.
SOCAR press office reported that the well No 239 was drilled from the offshore foundation No 11 by order of 28 May Oil & Gas Production Department. The depth of the well reached 3106 meters.
The daily production rate of the well is 70 tons of oil and 10,000 cub.m. of gas.
The shallow section of the Guneshli field is being developed since 1980. The field ensures up to 65% of SOCAR’s entire oil production.—0—
Economics
-
SOCAR Turkey, the largest foreign investor in Turkey, held a press conference in Istanbul to review its 2024 operational results. The event, attended by Azerbaijani media representatives, featured insights from SOCAR Turkey CEO Elchin Ibadov and Refining and Petrochemical Business Unit Head Kenan Mirzayev.
-
Azerbaijan’s energy sector remains the backbone of its economy, contributing nearly half of government revenues, buoyed by elevated oil prices. Despite a gradual decline in oil production, the rate of decrease has slowed, reflecting a stabilized approach to managing the country’s hydrocarbon resources.
-
Azerbaijan navigated a turbulent economic period in 2024, characterized by inflationary pressures, persistent fears of devaluation, and limited structural reforms. While official data pointed to moderate inflation, deeper vulnerabilities and growing public dissatisfaction cast a shadow over the country's financial stability, economist Gubad Ibadoglu noted.
-
Azerbaijan's agricultural sector faced a difficult year in 2024, with unresolved systemic issues, declining growth dynamics, and a surge in food imports highlighting the nation's dependence on foreign supplies, according to government and industry reports.
Leave a review