SOCAR commissions new well in Caspian

26 November 2024

SOCAR commissions new well in Caspian Sea

01:05 19 May 2016 Read: 1624

SOCAR commissions new well in Caspian Sea

Azerbaijan`s state oil company SOCAR will additionally produce around 29.2 million cubic meters of gas and 27,380 tons of oil per year, as it has put into operation a new well in the Caspian Sea, read a message from the company May 18.

The well was put into operation at the Gunashli offshore field in the Azerbaijani sector of the Caspian Sea after the overhaul.

Gunashli field plays an important role in Azerbaijan`s oil and gas industry. The field`s shallow part is developed by SOCAR on its own, while its deep-water part is developed jointly with foreign partners.

Currently, SOCAR is implementing a program for stabilizing and increasing the oil production.

The company produced 1.9 million tons of oil at offshore and onshore fields in the first quarter of 2016, as compared to 2.1 million tons in January-March 2015.

SOCAR produced 8.16 million tons of oil in 2015, as compared to 8.32 million tons in 2014.

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