BAKU, Azerbaijan, July 27. Azerbaijan’s state oil company SOCAR has increased gas production by more than 14 percent in the second quarter of 2023, as compared to the same period in 2022, Trend reports.
The company produced over 2.2 billion cubic meters of gas in 2Q, which is by 14.3 percent more than in 2Q 2022.
Overall, the volume of natural gas production across Azerbaijan stood at 11.9 billion cubic meters during this period, showing a 2.5 percent increase year-on-year.
Azerbaijan develops its major gas fields together with foreign partners. The giant Shah Deniz field is estimated to contain proven reserves of 1.2 trillion cubic meters of gas and 240 million tons of condensate.
Furthermore, Azerbaijan boasts crucial hydrocarbon fields like Umid-Babak, where preliminary data suggests that Babak's prospective structure could hold reserves of up to 400 billion cubic meters of gas and 80 million tons of condensate. Similarly, the Shafag-Asiman block is projected to have forecasted reserves of 500 billion cubic meters of gas and 65 million tons of condensate.
Absheron field is expected to yield 1.5 billion cubic meters of gas during its initial stage of production.
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