Iran on the need to increase oil production

Yesterday, during the Uzbek-Azerbaijani business forum organized as part of the state visit of the President of the Republic of Azerbaijan to Uzbekistan (August 22-23), an “Agreement on the Basic Principles for Implementing a Geological Exploration Project on Investment Blocks of the Republic of Uzbekistan” was signed between JSC "Uzbekneftegaz" and the State Oil Company of Azerbaijan (SOCAR), SOCAR President Rovshan Najaf  wrote on his social media account.

Uzbekistan and SOCAR have begun geological exploration work on the “Ustyurt” Plateau in Uzbekistan, Laziz Kudratov,  Uzbekistan’s Minister of Investments, Industry, and Trade  said during the Uzbek-Azerbaijani business forum in Tashkent. According to him, cooperation between Azerbaijan and Uzbekistan in the energy, oil and gas sectors also shows positive dynamics.

On August 21,  SOCAR Vice President Babek Huseynov met with a Vietnamese delegation,  SOCAR’s press service reported. "A meeting was held with Pham Xuan Son, General Director of the Vietnamese company “VietsoVPetro,” and Tran Manh Cuong, Head of the Oil and Gas Contracts Management Department of “PetroVietnam,”" the SOCAR message notes. The parties exchanged  the ideas regarding expanding cooperation between the companies, the importance of experience exchange, and other matters of mutual interest. Azerbaijan and Vietnam have long-standing cooperation in the oil sector, with SOCAR conducting drilling operations in Vietnam.

Azerbaijan's revenues from the operation of main oil pipelines, including the Baku-Tbilisi-Ceyhan pipeline, amounted to 538 million 277.6 thousand manats ($316.6 million) in the first half of 2024. According to the State Committee on Statistics of the Republic of Azerbaijan, revenues from the operation of main oil pipelines increased by 0.5% compared to the January-June 2023 figure.