SOCAR boosts oil exports to world market by 7.4 pct

By Azernews

By Ayya Lmahamad

Azerbaijan’s State Oil Company (SOCAR) has increased oil exports to the world market by 7.4 percent during the third quarter of 2022, Azernews reports.

During the reporting period, the volume of oil exported by SOCAR reached 4.8 million tons.

Moreover, the volume of natural gas exports increased by 16 percent to 5.2 billion cubic meters. SOCAR exported 174 million cubic meters of natural gas to the Georgian market, which is 56.8 percent more compared to the same period in 2021.

In the third quarter of the year, the company produced about 2 million tons of oil and more than 2 billion cubic meters of gas. SOCAR’s gas production increased by 1.3 percent compared to the corresponding period of last year. In total, the country produced more than 8 million tons of oil and 11 billion cubic meters of gas in the third quarter of 2022.

In the meantime, natural gas consumption in the country increased by 2.5 percent to 2.5 billion cubic meters during the reporting period.

During July-September, SOCAR processed 1.8 million tons of oil and 898 million cubic meters of gas. Gas processing increased by 10.6 percent.

Likewise, about 591,000 tons of oil, petrochemicals, and gas chemicals produced at SOCAR facilities in Azerbaijan were exported to foreign markets.

Additionally, SOCAR performed more than 18,000 m of drilling operations.