SOCAR increases oil, gas output in first four months

Azerbaijan’s state energy company Socar pumped 2.79 million tons of crude oil in the first four months of 2014, slightly up from 2.75 million tons a year earlier.

The Baku-based company also produced 2.65 billion cubic meters of natural gas, an increase of 200 million cubic meters year-on-year, according to data published on the Socar website.

The country’s total oil output fell during the period to 14.1 million tons from 14.3 million tons, the State Statistics Committee said in May. Production of marketable gas grew to 6.1 billion cubic meters from 5.9 billion cubic meters.

The BP-led Azeri-Chirag-Guneshli (ACG) bloc of fields in the Caspian provides more than 75 percent of the total oil output.

ACG produced 7.9 million tons of oil in the first quarter, down from 8.06 million tons a year earlier, BP said in May.

Bakudaily.az