SOCAR oil production drops 9% in 7M; gas down 7.2

State Oil Company of the Azerbaijani Republic (SOCAR) produced 4.421 million tonnes of oil in January-July 2016, 8.7% less than in the same period last year, SOCAR told Interfax.


In July alone, oil production amounted to 639,000 tonnes.


SOCAR's gas production dropped 7.2% to 3.693 billion cubic meters (bcm) in the seven months, including 530.9 million cubic meters in July.


Azerbaijan overall produced 24.700 million tonnes of oil in January-July (0.7% more year-on-year), including 3.636 million tonnes in July, and 19.543 bcm of gas (13.9% more), including 2.543 bcm in July.


SOCAR produced 8.161 million tonnes of oil in 2015, 1.9% less than in 2014, and 6.871 bcm of gas, 4.9% less.


Azerbaijan overall produced 41.689 million tonnes of oil and 29.747 bcm of gas last year.


The government forecasts that production in 2016 will amount to 40.745 million tonnes of oil and 29.345 bcm of gas.



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