Bloomberg News

Socar Says Oil, Natural Gas Production Falls in First 9 Months

October 14, 2011

Oct. 14 (Bloomberg) -- 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.

Azerbaijan exports gas to Russia, Iran, Georgia, Turkey and Greece.

--Editors: Alex Devine, Randall Hackley

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


Coke's Big Fat Problem
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus