Oil prices rose last week

SOCAR is actively working to transform itself from an exclusively oil and gas company into a universal energy corporation that includes renewable energy sources, Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), said  yesterday during Baku Investment Day (Baku ID 2024).

The State Oil Company of Azerbaijan (SOCAR) completed 2023 with satisfactory results, despite the weakening of global economic activity, geopolitical processes, volatility in energy markets, as well as a sharp drop in prices for crude oil and natural gas.

On June 25, the State Oil Company of the Republic of Azerbaijan (SOCAR) and the leading German energy company VNG signed a Memorandum of Understanding to expand cooperation in the field of natural gas and renewable energy sources. According to SOCAR, this Memorandum of Understanding will contribute to the development of sustainable energy solutions and international cooperation. The document provides for the exchange of experience in exploring the possibilities of natural gas supplies and the use of gas infrastructure. According to the Memorandum, the parties will explore the possibilities of cooperation on projects related to the transition to renewable energy and decarbonized gases.

In January-May, gas production in Russia increased by 9.1% compared to the same period last year – to 254 bcm, according to “Rosstat” data.  The indicator for May decreased by 4% compared to April, continuing the decline for the second month. At the same time, by May last year, gas production increased by 10.9%.  Associated petroleum gas production increased by 3.3% in the first five months of this year to 45.3 bcm. In May, compared with April, it increased by 2.5%, and compared with May last year, it increased by 5.2%.