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08.12.2016 09:35

SOCAR: Azerbaijan is pioneer of both land-based, offshore oil production

Azerbaijan is a pioneer of both land-based and offshore oil production.

SOCAR Vice-President for Field Development Yashar Latifov made the remark at the Techno Forum 2016 organized by Japan Oil, Gas and Metals National Corporation (JOGMEC) from November 27 to December 3, Azertac reported.

Azerbaijani Embassy in Japan, SOCAR, and SOCAR Upstream were represented at the conference, attended by Japan Agency for Marine-Earth Science and Technology (JAMSTEC), Waseda University, Chioda Corporation, JOGMEC, Inpex, Itochu, Total, Gazprom, representatives of other public and private organizations.

Latifov, addressing the event, spoke about perspective methods to increase oil recovery coefficient, especially works done towards increasing oil recovery coefficient in highly saturated oil reservoirs through intensification of exploration of land-based fields.

He also noted achievements of Azerbaijan and positive investment climate in the country.

Moreover, modern technologies used in Azerbaijani section of Caspian Sea and video materials dedicated to the Contract of the Century were presented at the conference.

As part of the conference, SOCAR delegation held bilateral meetings with president of Inpex Toshiaki Kitamura, professor of Waseda University Kurihara, president of Itochu Masahiro Imai and top managers of other companies.

Future cooperation, including lectures by professors of Waseda University in Baku Higher Oil School, practical trainings for four SOCAR specialists in Japan were also discussed. SOCAR delegation also visited JAMSTEC in Yokohama and met with executive director of this institution Vataru Azuma and other officials. At the meeting held in Ministry of Economy, Trade, and Industry of Japan, the sides talked over cooperation, funding of projects, which interested Japanese participants, as well as possibility of holding techno-forum in Azerbaijan for participants of regional market.

Being a wholly state-owned company and headquartered in Baku, SOCAR produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.

In January-October 2016, SOCAR produced 6.32 million tons of oil at Azerbaijans offshore and onshore fields, as compared to 6.91 million tons in the same period of 2015.

SOCAR produced 8.16 million tons of oil at those fields in 2015, as compared to 8.32 million tons in 2014. Along with SOCAR, foreign companies also extract oil in Azerbaijan. In total, 41.59 million tons of oil were produced in Azerbaijan in 2015, as compared to 42.02 million tons in 2014, according to SOCAR.

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