BAKU, Azerbaijan, August 13. Drilling operations of the State Oil Company of Azerbaijan (SOCAR) in the second quarter of 2024 covered 21,600 square meters, up 14.7 percent compared to the same period in 2023, Trend reports.
The company’s data indicates that 1.9 million tons of oil and 1.8 billion cubic meters of gas were produced from oil fields operated by SOCAR and its joint ventures.
Overall, gas production in the country grew by 5.2 percent compared to 2023, reaching 12.5 billion cubic meters in the second quarter.
In total, 7.2 million tons of oil were produced in Azerbaijan during the second quarter of this year.
During the reporting period, SOCAR exported roughly 4.2 million tons of oil abroad.
This volume includes both oil produced by the company itself and the profit shares from oil produced by international consortia in the country, which belong to the state and SOCAR.
Natural gas exports increased by 9.2 percent, reaching 6.2 billion cubic meters.
Domestic natural gas consumption during the reporting period amounted to 2.3 billion cubic meters.
In the second quarter, SOCAR processed more than 1.5 million tons of oil and over 862 million cubic meters of gas.
The volume of processed gas increased by 0.6 percent compared to the same period in 2023.
Over 659,000 tons of oil, as well as petrochemical and gas chemical products produced at SOCAR facilities in Azerbaijan, were exported to international markets.
The export of these goods increased by eight percent compared to the previous year.
SOCAR operates in diverse sectors, encompassing oil and gas field exploration, oil, gas, and gas condensate extraction, processing, and transportation, alongside the distribution of oil and petrochemical products in both domestic and international markets.
Furthermore, the company plays a crucial role in supplying natural gas to both industrial enterprises and the general population of Azerbaijan, as well as extending its services to Europe.
Beyond Azerbaijan, SOCAR is actively involved in numerous international ventures, spanning countries such as Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine.
Additionally, the company engages in significant trading operations primarily based in Switzerland, Singapore, and Nigeria.