SOCAR proven gas reserves decrease

The proven oil reserves of SOCAR on the results of last year totaled 72.05 million tons versus 78.5 million tons in 2013, according to the report.

The report noted that the volume of proven oil and gas reserves of SOCAR was determined based on the stocks of nine major fields. In particular, the matter rests in the Guneshli, Oil Rocks, Pirallahi, Bank of Darwin, Sangachal-Duvanly Deniz Khere-Zire Alat-Deniz, Bulla Deniz offshore fields, as well as the onshore Bibi Heybat, Lokbatan-Puta-Gushhana fields.

SOCAR's oil production in 2014 amounted to 8.32 million tons versus 8.31 million tons in 2013, and gas production amounted to 7.22 billion cubic meters and 7.14 billion cubic meters correspondingly. The volume of oil refining companies in the past year amounted to 6.33 million metric tons versus 6.53 million metric tons in 2013.

SOCAR includes Azneft (companies producing oil and gas offshore and onshore), Azerkimya (chemical industry) and Azerigas production associations.

Moreover, the State Oil Company comprises a number of processing enterprises, service enterprises, institutions involved in geophysical and drilling operations.