SOCAR increases oil and gas production


July 16, Fineko/abc.az. In the 2nd quarter of the current year SOCAR produced about 2 million tons of oil and about 2 billion tons of gas in the fields directly exploited.

ABC.AZ reports that during the reporting period an annual increase of 7% was observed on both figures.

According to the report, the growth of oil demand in the world as a result of mass outbreaks of Covid-19 vaccination process and the easing of the requirements for limiting production within the OPEC+ agreement led to the stabilization and improvement of SOCAR's production indicators.

For the reporting term country’s total gas production increased by 10 bn cu m (compared with the same term of last year) and oil production decreased to 8.4 million tons.