Socar Says Crude, Natural-Gas Production Declines Through July

State Oil Co. of Azerbaijan, also known as Socar, pumped less oil and natural gas in the first seven months of 2012 from a year earlier.

Oil production declined 2.5 percent to 4.79 million metric tons, and gas output fell 3.4 percent to 3.99 billion cubic meters, the Baku-based energy producer said on its website today. No reason was given for the decline.

Last year, Socar, which is fully owned by the Azeri government, produced 8.4 million tons of oil and 7.1 billion cubic meters of gas, down from 8.5 million tons of oil and 7.2 billion cubic meters of gas a year before.

Azerbaijan, the third-largest oil producer in the former Soviet Union after Russia and Kazakhstan, pumped 45.6 million tons of oil and 25.8 billion cubic meters of gas in 2011.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.