Azerbaijan's state oil company SOCAR's natural gas production increased by 11 percent in the third quarter of 2018 compared to the same period of 2017, the company announced on Wednesday.
In its release on drilling, production and export figures for the third quarter of 2018, SOCAR said it managed to stabilize oil production and increase its natural gas production significantly by increasing drilling.
"During the quarter, SOCAR production amounted to 1.9 million tons of oil and 1.67 billion cubic meters of natural gas, increasing 1.5 percent and 11 percent respectively compared to the previous year's figures," the statement read.
Overall, 29 million tons of oil and 22 billion cubic meters of natural gas were produced in Azerbaijan in the first nine months of 2018, SOCAR said, adding that compared to a year earlier, the country's oil production grew by 0.8 percent and gas production by 4.5 percent.
"During the quarter, SOCAR has carried out more than 42 thousand meters of drilling work, surpassing last year’s same period figures by 43 percent. In addition to increased drilling capacity, old and redundant wells were repaired and reactivated, allowing SOCAR to stabilize its production," the company explained.
- Gas import and export volumes increase
During the first nine months of this year, Azerbaijan imported 1.59 billion cubic meters and exported 6.48 billion cubic meters of gas, according to SOCAR.
"The imported and exported gas volumes increased by 22.6 percent and 5.8 percent, respectively compared to the same period of last year," it said.
During the first nine months of the current year, SOCAR exported 871.8 million cubic meters of gas, a 0.5 percent increase compared to the same period last year.
The company noted that it has already collected over 3 billion cubic meters of gas and placed into gas storage for the winter season.
"In the third quarter, SOCAR’s crude oil exports reached 6 million tons exceeding last year’s respective figures by 9.3 percent. During the quarter, SOCAR exported 465,800 tons of oil and petrochemical products from Azerbaijan, reaching 43 percent growth compared to a year earlier," the company concluded.
By Ebru Sengul