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SOCAR and its partners will finance English language training for the students of SABAH postgraduate groups

On October 28, SOCAR and its partners in the South Caucasus Pipeline (SCP) and British Council agreed to continuously improve the quality of education in Azerbaijan and improve the English language skills of talented graduate-level students studying in SABAH postgraduate groups, to ensure they gain direct access to modern English-language scientific literature.
A signing ceremony to finance the project was attended by SOCAR President Rovnag Abdullayev, Minister of Education of the Republic of Azerbaijan Emin Amrullayev, British Ambassador to Azerbaijan James Sharp, as well as rectors of universities participating in the project. The document was signed by SOCAR Midstream Executive Director Fuad Ahmadov and British Council Country Director for Azerbaijan Francis Gardener-Trejo.

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SOCAR increased oil production by 10% and gas production by 9% in Q3 2021

SOCAR achieved growth in drilling and production in the third quarter of 2021. The company conducted more than 20,000 meters1 of drilling, which is 82% more than the same period last year.
Oil and gas production of SOCAR amounted to 2 million tons2 and 2 billion cubic metres3, respectively. Thus, the Company achieved 10%-growth in oil production and 9% - in gas production compared to the same period last year. The comprehensive action plan to maintain stable production levels in the oil and gas fields operated by the company has been consistently implemented.

In Q3 2021, oil and gas output of the country totalled to 8.7 million tons4 and more than 11.3 billion cubic metres5, respectively. This means a 6% increase in oil production and a 38.6% increase in gas production compared to the same period last year. The increase in oil output was mainly due to the gradual easing of production cuts under the OPEC+ deal.

SOCAR’s export performance for the third quarter was also satisfactory. The Company exported 4.5 million tons6 of oil, which is 22% higher than the same period last year. That includes both the crude sales of SOCAR and the crude, exported on behalf of the state of Azerbaijan. The country's natural gas exports increased by 48% to 4.4 billion cubic metres7. During the reporting period, 2.4 billion cubic metres8 of gas was consumed in the country, which is 8% more than the same period last year.

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Drilling, production, refining and export figures for the 2nd quarter of 2021

Due to the global oil demand growth, driven by COVID-19 vaccination, OPEC+ continued easing the restrictions on production volumes for participating countries.
This has led to the stabilization and growth of crude oil production at SOCAR. In the second quarter of 2021, about 2 million tons1 of crude oil and 2 billion cubic meters2 of natural gas were produced on the fields operated directly by SOCAR, a 7% increase both in oil and gas production in comparison to the same period of last year. SOCAR reduced the volume of drilling operations during the quarter, as one of optimization measures, down to 14 thousand meters5, as compared to the same period of the last year.

Nationwide natural gas production increased in comparison to the same period last year and was about 10 billion cubic meters3. Oil production slightly declined to 8.4 million tons4.

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SOCAR and Technip Energies enter a cooperation agreement on offshore sustainable energy development

SOCAR and Technip Energies entered today a cooperation agreement to study sustainability measures in the offshore upstream activities, including CO2 emission reduction, improvement of power efficiency and associated optimization in the total cost of ownership.
The cooperation agreement includes evaluation of a joint pilot project for offshore energy production on a floating wind turbine. The pilot project envisages energy supply for upstream operations in the Caspian Sea. This would be the first case of offshore wind energy production in Azerbaijan.

At present, upstream operations in the Caspian Sea mainly use electricity generated from natural gas. Among the main objectives of the pilot project is to determine the prospects for the supply of sustainable energy to the upstream sector of Azerbaijan, reduce natural gas consumption and increase gas exports.

The agreement was signed by Rovnag Abdullayev, SOCAR president and Marco Villa, Technip Italy S.p.A. Chairman of the Board. Speaking at the signing ceremony, the president of SOCAR said: “The energy efficiency is in focus of many energy companies and is an important part of SOCAR's strategic plans. In line with the development trends of technology, we are already entering this area. Our goal is to reduce operating costs, increase energy efficiency and ensure the sustainability of operations at SOCAR.

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The State Oil Company of Azerbaijan… at a glance

Discover SOCAR

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.

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International ratings

When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.

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