By Leman Mammadova The state oil company SOCAR has revealed the information on drilling, production and export figures in 2018. During the year, SOCAR drilled a total of 160,000 meters (excluding operating companies and joint ventures), which is 16.6 percent more than the previous year's figure, the company told Trend. In 2018, SOCAR production totaled 7.54 million tons of oil and 6.53 billion cubic meters of gas, 1.6 percent and 7.2 percent more, respectively, compared to the same period of the previous year. Generally, 38.81 million tons of oil and 30.49 billion cubic meters of natural gas were produced in the republic in 2018. Thus, annual oil production was relatively stable and gas production increased by 6.6 percent. SOCAR supplied the domestic demand with 11.2 billion cubic meters of natural gas last year, so company fully provided about 89 percent of its natural gas to meet the domestic demand. Last year, SOCAR exported 23.88 million tons of crude oil, 1.8 million oil … [Read more...] about SOCAR gas production up 7.2 pct
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Uzbekneftegaz proposes SOCAR and BP joint studies of investment blocks
Baku, Azerbaijan, January 29 Trend: Uzbekistan offered Azerbaijan state-owned company SOCAR and BP to explore the possibilities of joint geological study of investment banks in Ustyurt region of Uzbekistan, Trend reports via Uzbekneftegaz. The preposition was made at the meeting of Uzbekneftegaz JSC, SOCAR and BP representatives with the Deputy Prime Minister of Uzbekistan Alisher Sultanov. Moreover, it was also noted that partnership with SOCAR and BP is a priority for the oil and gas industry of Uzbekistan. “Attracting foreign direct investment without the participation of third parties was among the topical issues. On this base, representatives of foreign companies were invited to explore the possibilities of joint geological exploration of the Aralomorsk, Sam-Kosbulak and Bayterek investment blocks of the Ustyurt region,” the message says. Representatives of delegations expressed their interest and spoke about the meetings held on this issue in the joint-stock … [Read more...] about Uzbekneftegaz proposes SOCAR and BP joint studies of investment blocks
SOCAR’s budget transfers increase
Baku, Azerbaijan, Jan. 29 By Taleh Mursagulov – Trend: The Azerbaijani state oil company SOCAR transferred 1.604 billion manats to the state budget in 2018, SOCAR told Trend. SOCAR’s budget transfers increased by 93.2 million manats or 6.2 percent in 2018 compared to 2017. Moreover, SOCAR paid 172,469 manats to the Azerbaijani State Social Protection Fund in 2018, which is 10.6 percent more than in 2017. Speaking about the growth of the company's profitability, SOCAR President Rovnag Abdullayev stressed that SOCAR carried out many necessary reforms over the past 10 years to increase the company’s operational efficiency. "SOCAR’s revenues and budget payments are growing,” he said. “Today, the company receives most of its revenues from foreign operations." (1.7 AZN = 1 USD on Jan. 29) --- Follow the author on Twitter: @TalehMursagulov Follow Trend on Telegram. Only most interesting and important news … [Read more...] about SOCAR’s budget transfers increase
SOCAR, KazMunayGas sign MoU
The State Oil Company of Azerbaijan Republic (SOCAR) and Kazakh National Company KazMunayGas JSC have signed a Memorandum of Understating (MoU) in Baku, AzerTag reports. Prior to the signing ceremony, President of SOCAR Rovnag Abdullayev met with a delegation from Kazakhstan led by Chairman of the Management Board of National Company KazMunayGas JSC Alik Aydarbayev. Deputy Chairman of the Management Board of KazMunayGas Kurmangazy Iskaziev, General Director of JSC Kaztransoil Dimash Dossanov and General Director of the National Maritime Shipping Company Kazmortransflot Marat Ormanov were also present at the meeting. The sides exchanged views over the prospects of cooperation between the two companies in all segments of the oil and gas industry and discussed a joint work plan for the near future. The MoU envisages a wide range of potential cooperation between the companies, including possible cooperation in geological exploration in the Caspian Sea, joint exploration of geological and … [Read more...] about SOCAR, KazMunayGas sign MoU
SOCAR to use jackup rig of KazMunayGas in its own projects (PHOTO)
Baku, Azerbaijan, Jan. 28 By Sara Israfilbayova - Trend: Satti, a jackup rig of Kazakhstan’s company KazMunayGas will be delivered to Baku where it will be modernized and later used for drilling work by Azerbaijan’s state oil company SOCAR in the projects in the Azerbaijani sector of the Caspian Sea, Trend reports Jan. 28 with reference to SOCAR. This is envisaged by the memorandum of understanding signed by SOCAR and KazMunayGas. The document was signed by SOCAR President Rovnag Abdullayev and Alik Aydarbayev, chairman of the Management Board of the KazMunayGas. The memorandum envisages a wide range of potential cooperation between the companies, including possible cooperation in geological exploration in the Caspian Sea, joint exploration of geological and geophysical materials on the exploration of hydrocarbon crude as well as transport and trading. The memorandum was signed following the meeting in Baku between representatives of SOCAR led by Rovnag Abdullayev and a … [Read more...] about SOCAR to use jackup rig of KazMunayGas in its own projects (PHOTO)