For the first time during 6 months, 2014 SOCAR has extracted 4,198,000 tons of oil, up 1.2% against the same period last year.
Rahman Gurbanov, SOCAR Vice President for Production and Transportation, said earlier that in 2014 the company plans to extract 8.4 million tons of oil.
During 6 months 2014 SOCAR has increased gas production by 6.2% against the same period last year. During 6 months the company has made 3,821,000,000 cub.m. of gas.
Growth of oil and gas production by SOCAR is caused by the fact that since the second half of last year SOCAR has started wide-scale drilling of operation wells offshore. According to SOCAR, till the end of 2015 it is planned to drill 230 wells.
According to the semi-annual results, total gas production has declined in Azerbaijan. During 6 months, 2014 it totaled 15,390 billion cub.m., down 2.3% against the same period last year (15,758 billion cub.m.). The oil production in the country has been going down. Gradual decline of production on the main fields – Azeri-Chirag-Guneshli (ACG) offshore bloc of fields – also affects reduction of the volume of hydrocarbons in Azerbaijan.—0—
Economics
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On January 11, Serbian President Aleksandar Vučić announced that Azerbaijan had notified Serbia about the suspension of daily gas supplies amounting to 1.7 million cubic meters due to technical problems at the Shah Deniz field.
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The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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