SOCAR and VNG signed a Memorandum of Understanding
SOCAR and VNG signed a Memorandum of Understanding
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.
-
- Energy
- 28 June 2024 07:16
Energy
-
The State Oil Company of Azerbaijan (SOCAR) is launching the Leucipa monitoring program for the first time in the Caspian region to enhance production efficiency in the oil and gas industry, KOKAR reported. “SOCAR is implementing an innovative digital solution – the Leucipa monitoring program – to optimize processes and improve extraction efficiency. This initiative is part of a strategic collaboration with Baker Hughes. This project is a key part of SOCAR’s digital transformation strategy,” the company’s statement said.
-
The daily oil production, including condensate, in Azerbaijan in January amounted to 74.5 thousand tons (559 thousand barrels). Of this volume, oil accounted for 61.7 thousand tons (454 thousand barrels per day), and condensate – 12.8 thousand tons (105 thousand barrels per day), the press service of Azerbaijan’s Ministry of Energy. Thus, Azerbaijan used 82.4% of its OPEC quota in January.
-
In January 2025, Azerbaijan exported a total of 2 bcm of natural gas. Compared to January of the previous year, export volumes decreased by 300 mcm, the website of Azerbaijan’s Ministry of Energy. According to the ministry’s data, during the reporting period, Azerbaijan’s gas exports to Europe amounted to 1 bcm (a decrease of 100 mcm.)
-
In January 2025, Azerbaijan exported 2 million tons of oil and condensate to foreign markets. The export volumes of liquid hydrocarbons from Azerbaijan decreased by 100 thousand tons, the website of Azerbaijan’s Ministry of Energy.
Leave a review