Socar Says Oil, Natural Gas Production Falls in First 9 Months
Socar, the State Oil Co. of Azerbaijan, pumped less oil and natural gas in the first nine months of the year, the Baku-based company said today.
Oil output declined 2.2 percent to 6.65 million metric tons from a year earlier, and gas production dropped 5 percent to 5.46 billion cubic meters, Socar said in a report on its website, without giving a reason.
Socar has recorded declining oil output since 2009, when the company produced 6.84 million tons of oil. First Vice President Xosbaxt Yusifzada earlier this year blamed the drop on aging wells.
Socar also said it exported 1.78 million tons of oil during the nine-month period, a decline of 11 percent from a year earlier. Gas exports climbed 60 percent to 2.07 billion cubic meters.
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