SOCAR's oil & gas production declines in first half of 2024

In the first half of 2024, the State Oil Company of Azerbaijan (SOCAR) produced 3.76 million tons of oil, marking a 2.4% decrease compared to the same period last year.

In the second quarter (April-June), SOCAR's oil production reached 1.87 million tons, a 2.9% reduction, Caliber.Az reports, citing SOCAR.

SOCAR also produced 3.80 billion cubic meters of gas in the first six months of 2024, reflecting a 14.4% drop compared to January-June 2023. The second-quarter gas production totaled 1.81 billion cubic meters, an 18.8% decrease.

For the full year of 2023, SOCAR produced 7.73 million tons of oil, showing a slight 0.6% decline, while gas production increased by 4%, reaching 8.39 billion cubic meters.