SOCAR to complete overhaul of production platform in December

By: Aynur Jafarova

Azerbaijan’s state energy company SOCAR plans to complete the overhaul process of the production platform in the shallow part of the Gunashli field in the Azerbaijani sector of the Caspian Sea in December 2014.

The overhaul process is conducted without restricting the operation of the platform.

“The company is using existing technological equipment on the platform to press ahead with the process,” SOCAR said on August 21.

The Gunashli-11 Platform has been operating since 1986.

Gunashli field plays an important role in the oil and gas industry of Azerbaijan. The shallow part of the deposit is developed by SOCAR independently but the deep part is developed together with foreign partners as part of the Azeri-Chirag- Gunashli block.

Azerbaijan’s energy giant SOCAR, which is keen on expanding operations in the retail oil products market abroad, is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in the domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan.

One of the primary obligations set for SOCAR in the State Program for the Development of the Fuel and Energy Sector (2005-2015) is to increase oil and gas production and discover new oil and gas fields.

SOCAR plans to drill 20 new wells in the shallow part of the Gunashli field. Alongside with the drilling of new wells, the repair works of the old wells are being implemented by the company.

SOCAR produced around 4.2 million tons of oil from Azerbaijan’s onshore and offshore fields in the firs half of 2014, which was equal to 4.15 million tons in the same period of 2013.

In 2013, the energy company produced over 8.31 million tons of oil from onshore and offshore fields.

In total, some 43.48 million tons of oil was produced in Azerbaijan in 2013.

SOURCE: AZER NEWS

3.45 bln manats invested in Azerbaijan’s oil sector

By: Aynur Jafarova

Some 3.45 billion manats were invested in Azerbaijan’s oil sector in the first half of 2014.

This figure is 30.4 percent more compared to the same period of last year, the State Statistics Committee said.

In 2013 investment worth some 4.82 billion manats were made in the country’s oil sector, which is a 24.2-percent increase over 2012.

In January-July total capital investments in the industrial sector of Azerbaijan amounted to 4.17 billion manats, which is 5.4 percent more than the same period of 2013.

Also, 3.44 billion manats of the abovementioned sum was invested into the mining industry, which is 29.5 percent more compared to January-July 2013.

The total volume of capital investments in the industrial sector of Azerbaijan in 2013 amounted to 7.08 billion manats, which is a 16.4 percent increase compared to 2012. Some 4.7 billion manats of that amount was invested into the mining industry – a 20.6-percent increase over 2012.

Political and macroeconomic stability, secure protection of investors’ rights, favorable geographical location, rich natural resources and highly skilled workforce have turned Azerbaijan into one of the most attractive countries for foreign investment.

Some $10.5 billion foreign investment was invested in Azerbaijan’s economy last year.

Azerbaijan’s government has set a goal to minimize the dependence of its national economy on the oil factor and to double the country’s GDP by developing its non-oil sector by 2020.

SOURCE: AZER NEWS