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Joint statement of SOCAR and PJSC Sberbank

SOCAR successfully completed its engagement in the management of Antipinskii Refinery and the oil fields, owned by the subsidiary of the refinery - NKNP LLC. Therewith, SOCAR withdraws as equity shareholder from SOCAR Energoresurs, the joint venture established by SOCAR and Sberbank PJSC. SOCAR decided not to participate as a bidder in the sales of Antipinski Refinery’s property held as a part of bankruptcy procedure because that would fall outside the scope of SOCAR’s current strategy.
Rovnag Abdullayev, president of SOCAR said: “The partnership with Sberbank in such a complex asset as Antipinski Refinery was a great responsibility for us. We have put all our experience, knowledge and skills in this project and we gained valuable experience, dealing with a large production complex on the federal level in Russia. We are grateful to Sberbank for warm relations as partner and the confidence placed in our company.

We are looking forward to project our cordial relations onto a new partnership in the future”.

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

In the first quarter of 2021, SOCAR produced more than 1.9 million tons1 of crude oil and above 1.9 billion cubic meters2 of natural gas.
Nationwide oil and gas output totaled 8.8 million tons3 and more than 10.4 billion cubic meters4, respectively. The growth in gas production continued in the first quarter of the year. In relevant period, the company conducted nearly 7 thousand meters5 of drilling.

During the first quarter, SOCAR’s crude export performance was 4.5 million tons6 of oil and more than 512 million cubic meters7 of gas. SOCAR exports both the crude, it produced by own means, and the shares in oil of SOCAR and Azerbaijan, produced by the international consortia. In total, nearly 7 million tons8 of crude oil were exported from the country and loaded on tankers.

In the first quarter of 2021, more than 5 billion cubic meters9 of gas were exported, a 45% increase from the same period of 2020. The increase in gas export is related to the launch of TAP pipeline.

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Gas and condensate found at the Shafag-Asiman field

First gas-condensate reserves were found at a depth of 7189 meters in an exploration well drilled on the Shafag-Asiman block in the Azerbaijani sector of the Caspian Sea. Herewith the logging and drilling of the Fasila stratum of the field was successfully completed. To define the exact volume of hydrocarbon reserves, the parties of the project are going to work out a technical plan for drilling of an additional lateral well in the direction of the structure’s arch.
Exploration work on the Shafag-Asiman block is a joint project of SOCAR and bp. According to the Production Sharing Agreement, bp is the operator of exploration drilling. On January 11, 2020 SOCAR's subsidiary Caspian Drilling Company’s started drilling the exploratory well on the 623-meter deep seabed by Heydar Aliyev Semi-Submersible Drilling Rig.

The President of the Republic of Azerbaijan Ilham Aliyev said: “The history of cooperation between bp and SOCAR comprises a period of about 30 years. During this period, many projects of global importance have been carried out. These include such joint projects as the development of Azeri-Chirag-Gunashli (ACG) block, the Baku-Tbilisi-Ceyhan (BTC) pipeline, the Shah Deniz, the Southern Gas Corridor (SGC) and its elements - the SCP, TANAP and TAP pipelines. Currently, the cooperation between SOCAR and bp has strategic importance.

bp is the biggest foreign investor in Azerbaijan's oil and gas industry.

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SOCAR-Equinor exploration project delivers encouraging initial results

On March 16, SOCAR President Rovnag Abdullayev met a delegation led by Al Cook, Executive Vice President for Development and Production International of Equinor. The meeting focused on the development of Karabakh field and the exploration of prospective structures, carried out jointly by SOCAR and Equinor on equal sharing basis. The participants discussed the results of preliminary exploration work on Dan Ulduzu - Ashrafi - Aypara prospects and possible scenarios for next steps.
The Exploration of Dan Ulduzu - Ashrafi - Aypara was launched in the second half of 2018, 2D and 3D seismic exploration was completed in 2019. The results were processed in 2020, and their interpretation is currently underway. Preliminary results of interpretation demonstrated that oil and gas reserves in these prospects are higher than previously expected. Exploration drilling may be carried out in the future to prove the reserves.

The encouraging results from the new prospects could necessitate the reconsideration of development plan of the Karabakh field. In the coming weeks, a joint working group of SOCAR and Equinor shall consider various options for the continuation of Karabakh project and explore opportunities for synergy between the development of Karabakh field and prospective new fields.

In the meeting, the importance of Azerbaijan for Equinor was emphasized and the intention to grow in this country was expressed. The parties aim to reach the highest levels of production on the jointly exploited fields during this decade, when oil and gas prices are expected to peak. From this viewpoint, it is important to accelerate the exploration and drilling on these structures.

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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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