SOCAR Boosts Caspian Hydrocarbon Output

Azerbaijan’s state-run oil company SOCAR will produce another 43,800 tons of oil and around 3.65 million cubic meters of gas per year after it commissioned a new well on the Guneshli offshore field in the Caspian Sea. The daily production from the well is 120 tons of oil and 10,000 cubic meters of gas, Socar said on Thursday, Oil Price reported. The Guneshli field is located offshore, on the prolific Absheron-Pribalkhan Trend, 60 kilometers east of the Absheron Peninsula. Guneshli is SOCAR’s largest fully owned asset and accounts for a large part of its oil and gas production. SOCAR operates the shallow water part on its own, while the deepwater part is developed jointly with foreign partners. SOCAR uses Guneshli’s export revenue to subsidize the company’s less profitable onshore fields, according to energy research and consultancy group Wood Mackenzie.