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SOCAR is to increase its participation in Shah Deniz and South Caucasus Pipeline projects

Following Petronas’s decision to sell its stakes in the production sharing agreement for the exploration and development of the Shah Deniz field in the Azerbaijani sector of the Caspian Sea, SOCAR acquired 4.35% of stakes from Petronas in accordance with the terms of the agreement between Shah Deniz project partners. LUKOIL and bp, both partners at Shah Deniz consortium, acquired the other part of Petronas’s 15.5% stakes in the project.
Ultimately, SOCAR's direct participation in the project is growing to 14.35%. The respective agreement is expected to enter into force in January 2022. Apart from this, the Ministry of Economy of Azerbaijan and SOCAR hold 51% and 49% shares in Southern Gas Corridor Closed Joint-Stock Company, which in turn has a 6.67% stake in Shah Deniz project.

Along with the shift in stakes of companies in the Shah Deniz project, equivalent changes took place in the distribution of stakes between companies in the South Caucasus Pipeline, one of the segments of the Southern Gas Corridor.

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SOCAR and its partners will finance English language training for the students of SABAH postgraduate groups

On October 28, SOCAR and its partners in the South Caucasus Pipeline (SCP) and British Council agreed to continuously improve the quality of education in Azerbaijan and improve the English language skills of talented graduate-level students studying in SABAH postgraduate groups, to ensure they gain direct access to modern English-language scientific literature.
A signing ceremony to finance the project was attended by SOCAR President Rovnag Abdullayev, Minister of Education of the Republic of Azerbaijan Emin Amrullayev, British Ambassador to Azerbaijan James Sharp, as well as rectors of universities participating in the project. The document was signed by SOCAR Midstream Executive Director Fuad Ahmadov and British Council Country Director for Azerbaijan Francis Gardener-Trejo.

The 10-month project, to be implemented by the British Council, will run from October 2021 to July 2022. Within the project, 372 students of SABAH postgraduate groups of Azerbaijan State University of Oil and Industry, Baku State University, Azerbaijan State University of Economics, Azerbaijan State Pedagogical University, Azerbaijan University of Architecture and Construction, Azerbaijan Technical University and Baku Engineering University will study English within 150 academic hours.

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SOCAR increased oil production by 10% and gas production by 9% in Q3 2021

SOCAR achieved growth in drilling and production in the third quarter of 2021. The company conducted more than 20,000 meters1 of drilling, which is 82% more than the same period last year.
Oil and gas production of SOCAR amounted to 2 million tons2 and 2 billion cubic metres3, respectively. Thus, the Company achieved 10%-growth in oil production and 9% - in gas production compared to the same period last year. The comprehensive action plan to maintain stable production levels in the oil and gas fields operated by the company has been consistently implemented.

In Q3 2021, oil and gas output of the country totalled to 8.7 million tons4 and more than 11.3 billion cubic metres5, respectively. This means a 6% increase in oil production and a 38.6% increase in gas production compared to the same period last year. The increase in oil output was mainly due to the gradual easing of production cuts under the OPEC+ deal.

SOCAR’s export performance for the third quarter was also satisfactory. The Company exported 4.5 million tons6 of oil, which is 22% higher than the same period last year. That includes both the crude sales of SOCAR and the crude, exported on behalf of the state of Azerbaijan. The country's natural gas exports increased by 48% to 4.4 billion cubic metres7. During the reporting period, 2.4 billion cubic metres8 of gas was consumed in the country, which is 8% more than the same period last year.

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Drilling, production, refining and export figures for the 2nd quarter of 2021

Due to the global oil demand growth, driven by COVID-19 vaccination, OPEC+ continued easing the restrictions on production volumes for participating countries.
This has led to the stabilization and growth of crude oil production at SOCAR. In the second quarter of 2021, about 2 million tons1 of crude oil and 2 billion cubic meters2 of natural gas were produced on the fields operated directly by SOCAR, a 7% increase both in oil and gas production in comparison to the same period of last year. SOCAR reduced the volume of drilling operations during the quarter, as one of optimization measures, down to 14 thousand meters5, as compared to the same period of the last year.

Nationwide natural gas production increased in comparison to the same period last year and was about 10 billion cubic meters3. Oil production slightly declined to 8.4 million tons4.

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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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