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SOCAR increases oil production

SOCAR increases oil production
In March, 2010, the State Oil Company of Azerbaijan (SOCAR) increased overall oil production by 10.9% compared to February 2010 and its own production (by the SOCAR oil and gas producing divisions; NGDUs) by 9.7%.

SOCAR increases overall oil production by 10.9% and own production by 9.7%

In March, 2010, the State Oil Company of Azerbaijan (SOCAR) increased overall oil production by 10.9% compared to February 2010 and its own production (by the SOCAR oil and gas producing divisions; NGDUs) by 9.7%.

In 2009, overall oil production (taking into account gas condensate) made up 97.1% of production in 2008 (9.337 million tons).

SOCAR informed that in March 2010 780,300 tons of oil was produced against 703,800 tons in February, 782,300 tons in January 2010 and 759,250 tons in December 2009.

The SOCAR"s NGDUs produced 625,900 tons (versus 570,500 tons, 624,600 tons and 610,960 tons respectively) and the SOCAR share in production of joint ventures (JVs) and operating companies (OCs) made up 154,400 tons (versus 133,300 tons, 157,700 tons and 148,290 tons respectively).

?In January to February, 2010, overall oil production totaled 2.256 million tons with rise of own production of 1.8 million and SOCAR"s share of 435,400 tons in JVs and OCs,? the Company reported.

In 2009, overall oil production totaled 9.06 million tons, SOCAR"s own oil production 7.3 million tons and its share in JVs and OCs ? 1.76 million tons.

In March, 2010, SOCAR delivered 544,400 tons against 465,700 tons in February, 564,600 tons in January 2010 and 566,700 tons in December 2009. For Jan-Feb 2010 delivery for refining totaled 1.03 million tons versus 6.035 million tons in 2009 and 7.35 million tons in 2008.

This March"s oil pumping for export reached 232,400 tons versus 186,400, 216,000 tons and 195,650 tons respectively.

In January to March, 2010, it reached 634,800 tons. In 2009, pumping totaled 3.24 million tons versus 2.28 million over 2008.

Oil was not sold in 2010 as well as between July and November of 2008 and in 2009.

In 2008, oil was sold by the NGDUs only in March (100 tons) versus 500 tons between January and July of 2007.

www.turkishmaritime.com.tr

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