SOCAR takes real steps to create underground gas storage in Nakhchivan
State Oil Company of Azerbaijan (SOCAR) has completed drilling of two exploration wells in Nakhchivan Autonomous Republic (NAR) to create underground gas storage.
SOCAR said that drilling of exploration wells No 1 and No 2, which started on January 11, 2013 on the Tumbul-Negram salt field, has been completed.
Drilling of the exploration well No 4 with the target depth up to 580 meters started last week.
SOCAR reported that in 2014 it is planned to drill two exploration wells on the field. 2D and 3D seismic surveys have been carried out there earlier.
SOCAR senior Vice President Khoshbakht Yusifzada said earlier that the initial results proved economic advisability of creation of the underground storage with the capacity of 200-300 million cub.m. of gas on the salt field in Negram village.
* Nakhchivan Autonomous Republic (NAR) consumes in average about 1 million cub.m. of gas a day.—0—
-
- Economics
- 31 March 2014 13:00
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review