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TAP Starts Commercial Operations

The 878-km Gas Pipeline part of the Southern Gas Corridor

Enters Operational Phase

Baar, Switzerland. Four and a half years after the inauguration of construction works in Thessaloniki, the Trans Adriatic Pipeline (TAP), an 878-km gas transportation system crossing Greece, Albania, the Adriatic Sea and Italy, began commercial operations.
A diverse team of industry professionals worked diligently and effectively under challenging conditions to safely deliver a strategic piece of energy infrastructure on schedule.

TAP is the European leg of the Southern Gas Corridor, a gateway project that will transport 10 billion cubic metres (bcm/a) of new gas supplies from Azerbaijan to multiple markets in Europe. The TAP system operates in line with internationally recognised quality, health, safety and environmental standards, and is designed with the potential to double its throughput capacity to 20 bcm/a.

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London Court of International Arbitration issued an arbitral award in favor of SOCAR

An arbitral award was issued on 5 November 2020 in London Court of International Arbitration proceedings between SOCAR Overseas and Palmali.
The Award found in favour of SOCAR Overseas. SOCAR's claims against Palmali were successful and it was awarded approximately US$ 49,500,000. Palmali's multi-million dollar counterclaim was dismissed in its entirety.

SOCAR and Palmali used to have commercial relations previously, although the two companies have never founded a joint venture. In 2018, due to Palmali’s violation of commitments, the companies, belonging to SOCAR Group initiated arbitration proceedings against the companies of Palmali Group and Mubariz Mansimov. Eventually, one out of the three ongoing arbitration proceedings has come to an end.

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Drilling, production, refining and export figures in the third quarter of 2020

SOCAR produced above 1,8 million tons1 of oil and more than 1,8 billion cubic meters2 of natural gas during the third quarter of 2020.
Due to production cuts under OPEC+ agreement, oil production decreased, as compared to the same period of the previous year. Natural gas production continued to grow. Nationwide crude oil and natural gas output totaled about 8,2 million tons3 and 8,2 billion cubic meters4 respectively.

In the third quarter, SOCAR carried out 11 thousand meters5 of drilling work, while total volume of the country’s performance in this area amounted to 42 thousand meters6 .

SOCAR’s quarterly refining output was about 1,3 million tons7 of oil and above 827 million cubic meters8 of natural gas.

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President Ilham Aliyev attended the load-out of the Absheron jacket

Start of offshore construction on Absheron field

On September 19, President of the Republic of Azerbaijan Ilham Aliyev attended the groundbreaking of the Absheron jacket and other subsea facilities, constructed by SOCAR's BOS Shelf at the Baku Deepwater Jacket Plant.
The contract for the construction of the platform and related facilities to be operated in the Absheron field, developed by SOCAR and TOTAL's joint operator JOCAP, was given in 2018 to BOS Shelf, which has a longstanding experience in the implementation of Azeri-Chirag-Gunashli, Shah Deniz-2 and other projects.

First, the head of state watched a film about the Absheron field and the jackets for the future platform. He was informed that during the development of the Absheron project, BOS Shelf applied the turn-key project method for the first time in Azerbaijan, carrying out all Engineering, Procurement, Construction, Installation (EPCI) works. The project’s visionary engineering reports were prepared by SOCAR's Oil and Gas Research Project Institute. The documents were delivered to Mareal and SOCAR KBR for the next phase of elaboration.

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The State Oil Company of Azerbaijan… at a glance

Discover SOCAR

The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.

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International ratings

When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.

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