SOCAR increases oil production


January 19, Fineko/ In 2021, the State Oil Company of Azerbaijan (SOCAR) produced 7.9 million tons of oil and 7.9 bn cu m of gas from fields operated independently or as the main shareholder.

Compared with 2020, production of oil grew by 6.5% and gas by 7%.

The trend of growth in country’s total oil & gas extraction continued. In annual comparison, gas production increased by 18.1% up to 43.9 bn cu m. Azerbaijan produced 34.6 million tons of crude oil last year.

In general, a slight increase in production was recorded that is linked with the gradual lifting of voluntary extraction restrictions under the OPEC+ agreement.