SOCAR Increases Portfolio of Liquefied Natural Gas Operations

From January to October 2024, Azerbaijan exported 495,484.05 tons of petroleum products, amounting to $309.02 million,  the monthly report of Azerbaijan's State Customs Committee. According to the report, the value of petroleum product exports decreased by 40.3% compared to the same period in 2023, and the volume dropped by 40.7%. In 2023, Azerbaijan exported 925,225.07 tons of petroleum products worth $572.21 million.

Last week, KazMunayGas and “Tatneft” (Russia) began drilling the first exploratory well at a depth of 5,500 meters at the Karaton Podsolevoi site, according to a press release from KazMunayGas (KMG). The goal of the exploration well is to discover deep oil and gas productive layers.

Oil production in Iran has increased by more than 60,000 barrels per day since August 2024, according to Hamid Bovarad, CEO of the National Iranian Oil Company (NIOC). He added that by the end of the current Iranian year (March 21, 2025), production could increase by 200,000 barrels per day.

"We need an agreement on a new ambitious climate finance goal here in Baku. Through various components, this goal should mobilize the funding necessary for developing countries," United Nations Secretary-General António Guterres stated  at a media briefing at COP29 on November 21.he said.