CASPIAN OIL & GAS - Azerbaijan’s SOCAR commissions new well in Caspian Sea

Azerbaijan’s SOCAR commissions new well in Caspian Sea


Azerbaijan's state oil company SOCAR will additionally produce nearly 16,500 tons of oil annually through commissioning of a new well, said SOCAR in a message July 26.

According to the message, the well was put into operation at the Gunashli offshore field in the Azerbaijani sector of the Caspian Sea after being overhauled.

The Gunashli field plays an important role in Azerbaijan's oil and gas industry. The field's shallow part is developed by SOCAR on its own, while its deep-water part is developed jointly with foreign partners.

Currently, SOCAR is implementing a program for stabilizing and increasing the oil production.

SOCAR produced 3.78 million tons of oil from the country’s offshore and onshore fields in January-June 2016, as compared to 4.14 million tons in the same period of 2015.

SOCAR produced 8.16 million tons of oil in 2015 compared to 8.32 million tons in 2014. According to SOCAR, some 41.59 million tons were produced in Azerbaijan in 2015 compared to 42.02 million tons in 2014.