Q1 2023 Drilling, Production, Refining, and Export Results


Against the background of the rapid transformation of the world economy and changes in energy markets, the State Oil Company of Azerbaijan Republic (SOCAR) completed the 1st quarter of 2023.

Strengthening financial and business stability, increasing operational efficiency, applying digital energy technologies, as well as strengthening occupational safety has been essential in ensuring success. Effective activity has also had a positive effect on production indicators.

In the first quarter of 2023, SOCAR conducted nearly 20,000 meters1 of drilling. This is 7.6% more than the corresponding period of 2022. During the reporting period, the Company produced more than 1.9 million tons of oil2 and more than 2.2 billion cubic meters3 of gas. Although oil production remained relatively stable, gas production increased by 15% compared to the previous year. In total, more than 7.7 million tons4 of oil and 12.2 billion cubic meters5 of gas were produced in the country. In general, gas production increased by 3% in the country.

During the reporting period, SOCAR exported more than 4.6 million tons6 of crude oil to the foreign markets, and 581 million cubic meters7 of natural gas to the Georgian market. Thus, oil exports increased by 13.2% compared to last year. It should be noted that, in addition to the oil produced by SOCAR, the Company also exports SOCAR and Azerbaijan oil volumes within the international consortia framework. In total, more than 6.4 million tons8 of oil and over 6.3 billion cubic meters9 of gas were exported from the country. As a result, gas exports in the country recorded a 7.6% increase compared to last year.

The state-owned company's oil refining complex processed about 1.7 million tons of oil10 (an increase of 5.4 percent) and over 892 million cubic meters11 of gas. During the 1st quarter, 478.1 thousand tons12 of oil, petrochemical, and gas-chemical products produced at SOCAR's facilities in Azerbaijan were exported to foreign markets. During the reporting period, natural gas consumption in the country amounted to 4.8 billion cubic meters13.

Note: Figures used in the text are rounded for readability. The exact figures are provided in the references below:

1 19.732 meters

2 1.920.491 tons

3 2.205.352.000 cubic metres

4 7.720.101 tons

5 cubic metres

6 4.623.221 tons

7 581.435 cubic metres

8 6.436.054 tons

9 6.332.441.000 cubic metres

10 1.667.384 tons

11 892.330.154 cubic metres

12 478.125 tons

13 4.761.042.000 cubic metres