Breaking News

Japan Industrial Production Falls 3.3% in June, More Than Estimated
Tweet TWEET

Socar of Azerbaijan Pumped Less Oil in First Two Months of 2013

State Oil Co. of Azerbaijan, or Socar, pumped less crude oil and natural gas in the first two months of the year, reflecting a slump in total Azeri output.

Oil output at the national energy producer fell 1.2 percent from a year earlier to 1.35 million metric tons, the company said today on its website, without giving a reason for the drop. Gas output retreated 2.8 percent to 1.12 billion cubic meters.

Total oil volumes from the Caspian Sea nation, the largest crude producer in the former Soviet Union after Russia and Kazakhstan, fell 3.6 percent in the period, while output of marketable gas shrank 5 percent, the State Statistics Committee said March 15. Production also declined in 2012 and 2011.

Socar First Vice President Xosbaxt Yusifzada said last year that production had dropped because of aging wells. The Baku- based company holds a stake in BP Plc (BP/)’s Azeri-Chirag-Guneshli oilfield, which cut production 7 percent in 2012.

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.