Following the growth in production, over 3 billion cubic meters of gas have been supplied to gas storage facilities
SOCAR has managed to stabilize oil production and increase its natural gas production significantly by increasing the drilling capacity in the third quarter of 2018. During the quarter, SOCAR production amounted to 1.9 million tons of oil and 1.67 billion cubic meters of natural gas , increasing 1.5% and 11% respectively compared to the previous year's figures. Overall, 29 million tons of oil and 22 billion cubic meters of natural gas were produced in Azerbaijan in the first nine months of 2018.
Compared to a year earlier, the country's oil production grew by 0.8% and gas production by 4,5%.
SOCAR and BGP Inc., a subsidiary of China National Petroleum Corporation (CNPC) have signed a Foundation Agreement on the establishment of a joint venture.
Rovnag Abdullayev, President of SOCAR, Khoshbakht Yusifzadeh, First Vice President of SOCAR, Bahram Huseynov, Vice President for Geology and Geophysics at SOCAR, Gou Liang, President of BGP Inc., as well as other high-ranking officials from both companies attended the signing ceremony, which took place in SOCAR Tower. The contract was signed by Rovnag Abdullayev, President of SOCAR and Gou Liang, President of BGP Inc. The newly established joint venture will carry out joint seismic exploration in the Republic of Azerbaijan and the Caspian Sea, creating new opportunities for exchange of experience between the professionals of the two companies.
Rovnag Abdullayev shared his opinion on the signed contract: â€śToday, SOCAR is working on modern technologies in all areas and testing different and alternative methods to explore new oil and gas fields and stabilize production levels. Establishing a joint venture with China's BGP for geological and geophysical studies creates an alternative perspective in this area and a fertile ground for sharing experiences that will be useful for professionals of both countriesâ€ť.
According to a report from Ernst & Young, SOCAR is one of the world's leading state-owned enterprises not listed on a stock exchange.
Recent monitoring shows that it is impossible to improve the performance of enterprises without effective corporate governance system. In 2016, two regulations were signed by the President of the Republic of Azerbaijan to strengthen the corporate governance system of state enterprises in the Republic of Azerbaijan. For this purpose, in the same year, Ernst & Young, one of the world's leading audit companies, was involved in preparing a report on competency assessment of corporate governance at SOCAR, where it has investigated the SOCARâ€™s internal documents and conducted relevant surveys.
The project was implemented in order to assess the current level of competency of the corporate governance system at SOCAR, to focus on desirable indicators, and to identify strengths and potential development areas for each component of corporate governance.
As a result of the interviews and review of internal documents, it was concluded that SOCAR gives high priority to the principles of corporate governance and the companyâ€™s overall corporate governance has been rated as ''STRONG'' at 81 percent of the maximum result. This indicates that SOCAR takes a leading position among the enterprises not listed on a stock exchange, and is in the forefront of the local state-owned enterprises. SOCAR has not only prepared documents on corporate governance components but also held functional procedures.
Uniper SE and SOCAR will collaborate on projects aimed at improving the energy efficiency of oil and gas production in Azerbaijan.
The two companies signed an agreement to that effect today in Baku during of German Chancellor Angela Merkelâ€™s trip to Azerbaijan. The German energy provider and the Azerbaijan state oil and gas company have been working in close cooperation for the past five years.
The principle aim of the new agreement is to enhance efficiency in energy use in production processes and thereby lower greenhouse gas emissions in Azerbaijan. Initial projects have already been identified and are now set to be reviewed in greater detail. The feasibility study shows, thanks to the application of modern technologies, a significant achievement of natural gas savings in the gas grid is possible.
Back in 2013, Uniper and SOCAR concluded a long-term gas supply contract. Until 2045, up to 1.5 billion mÂł of natural gas is slated to flow to Europe each year via the so-called Southern Gas Corridor. These gas deliveries serve to diversify the European and with it the German gas supplies and enhance security of supply and competition.
The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.read more
When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.read more