SOCAR crude oil exports down, gas processing up

The State Oil Company of the Azerbaijan Republic (SOCAR) exported 8.07 million tonnes of crude oil from January to June 2024, marking a 13 per cent decrease compared to the same period last year.

This decline includes a second-quarter export volume of 4.15 million tonnes, which represents a 10.6 per cent drop, Caliber.Az reports citing SOCAR’s report.

During the reporting period, SOCAR exported 1.15 million tonnes of refined petroleum products, petrochemicals, and gas chemicals produced at its facilities in Azerbaijan, reflecting a 6.1 per cent increase.

From January to June 2024, SOCAR processed 3.20 million tonnes of crude oil, a 1.3 per cent decrease compared to the same period last year.

In the second quarter of 2024, oil processing volume was 1.55 million tonnes, representing a 1.8 per cent decline.

Additionally, SOCAR processed 1.79 billion cubic meters of gas during the first half of 2024, a 2.1 per cent increase from the first half of 2023. In the second quarter alone, gas processing reached 862 million cubic meters, showing a 0.6 per cent growth.

The State Oil Company of the Azerbaijan Republic (SOCAR) is a state-owned oil and gas company headquartered in Baku, Azerbaijan. Established in 1992, SOCAR is one of the largest and most influential companies in Azerbaijan and plays a critical role in the country’s economy and energy sector.

SOCAR is involved in the exploration, development, and production of oil and natural gas fields in Azerbaijan. The company operates both onshore and offshore fields, including the Caspian Sea.