In the second quarter of the current year, the State Oil Company of Azerbaijan Republic (SOCAR) carried out 21.6 thousand meters1 of drilling, reflecting a 14.7% increase compared to the same period last year. The company produced 1.9 million tons2 of oil and 1.8 billion cubic meters3 of gas from fields it operates independently or as the main shareholder. Gas production in the country increased by about 5.2% compared to 2023, reaching 12.5 billion cubic meters4 in the second quarter. In total, Azerbaijan produced 7.2 million tons5 of crude oil in the second quarter of the current year.
During the reporting period, SOCAR exported approximately 4.2 million tons6 of oil to foreign markets. This includes oil volumes produced by the company using its own resources and the profit shares of the oil produced by international consortia operating in Azerbaijan that belong to the state and SOCAR. Natural gas exports across the country increased by 9.2%, reaching 6.2 billion cubic meters7. Domestic natural gas consumption during the reporting period was 2.3 billion cubic meters8.
In the second quarter of the current year, SOCAR processed over 1.5 million tons9 of oil and more than 862 million cubic meters10 of gas. The volume of processed gas increased by 0.6% compared to the corresponding period in 2023. Over 659,000 tons11 of oil, petrochemical, and gas-chemical products produced at SOCAR's facilities in Azerbaijan were exported to foreign markets, marking an 8% increase compared to the same period last year.
Note: Figures provided in the text have been rounded for readability. For precise data, refer to the corresponding references below, respectively.
1. 21.597 meters
2. 1.875.563 tons
3. 1.815.453.000 cubic meters
4. 12.521.351.000 cubic meters
5. 7.173.947 tons
6. 4.154.727 tons
7. 6.208.471.000 cubic meters
8. 2.281.474.000 cubic meters
9. 1.547.618 tons
10. 862.008.274 cubic meters
11. 659.025 tons