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02.11.2016 14:01

SOCAR drills new well at oil rocks field

The company reported that oil is extracted from a borehole at a depth of 2,410-2,395 meters.

Azerbaijans state oil company SOCAR will additionally extract 7,300 tons of oil and 365,000 cubic meters of gas annually as it has commissioned a new well at the Oil Rocks offshore field.

In January-August 2016, SOCAR produced 5.06 million tons of oil at Azerbaijani fields, where it works independently without foreign companies participation, as compared to 5.54 million tons in the same period of 2015.

SOCAR produced 8.16 million tons of oil at those fields in 2015 compared to 8.32 million tons in 2014. In total, 41.59 million tons of oil was produced in Azerbaijan in 2015, compared to 42.02 million tons in 2014, according to SOCAR.

SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical enterprises) and Azerigas (distributor of gas) as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.

The company's assets currently stand at 40 billion Azerbaijani manats ($ 25.04) its share capital is 13.5 billion manats ($ 8.4) and authorized capital is 1.6 billion manats ($ 1.01).

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