27th International
Caspian Oil & Gas Conference

2 - 3 June 2021

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Caspian Oil & Gas Conference - SOCAR’S proven oil reserves increase

SOCAR’S proven oil reserves increase

According to the finals of the previous year, SOCAR’s proven oil reserves have been 71 055 thousand tonnes and it is 1.3% more in comparison with finals of 2017, ONA reports citing SOCAR’s information, given in accordance with its report on sustainable development.

According to the finals of 2018, company’s proven gas reserves was 45 692 mln. c/m.

The report says the company produced 7 542,3 thousand tonnes of oil (an increase of 1.6%) and 6 525,6 mln. c/m gas (an increase of 7.2%) in 2018.

6 255,9 thousand tonnes of oil, produced last year within borders of Azerbaijan, as well as Azerbaijan sector of the Caspian Sea by SOCAR fall to share of “Aznef” IB, while 1 286,4 thousand tonnes to the fields, in which SOCAR has share.

In 2018, in total 65 new exploration wells in shore and off-shore areas and 94 wells from fund of inactive wells were repaired and put into operation.

In reporting year, the company sent 6 090,5 tonnes (an increase of 4.7%) and 2 952,2 mln. c/m gas (an increase of 1.2%) for processing.


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