During 2015 Azerbaijan has extracted 41,689,000 tons of oil, including gas condensate, which is down 0.8% against 2014, according to the report of the Azerbaijan State Statistical Committee.
According to the report, in 2015 the country extracted 41,605,000 tons of tank oil and condensate, down 0.7% against 2014.
Last year Azerbaijan exported 35.1 tons and the remaining volume was refined by two SOCAR’s oil refineries.
According to the governmental forecasts, this year it is planned to extract 40.7 million tons of oil and condensate. However, the production companies told Turan that the production will be about 40.2-40.3 million tons.—0—
Economics
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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The International Association of Drilling Contractors (IADC) opened its annual "IADC Drilling Caspian" conference in Baku on Tuesday, bringing together industry leaders to discuss advancements in oil and gas drilling, as well as the growing role of geothermal energy.
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