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Nov. 24 (Bloomberg) -- State Oil Co. of Azerbaijan, the energy company known as Socar, has pumped less oil and natural gas this year than in 2010.
Oil and condensate output fell 2.6 percent to 7.4 million metric tons in the first 10 months of the year, the Baku-based company said in a report on its website. Gas production dropped 4.5 percent to 6.1 billion cubic meters.
Socar First Vice President Xosbaxt Yusifzada said earlier this month that output was shrinking because of increased safety measures at oilfields following the Gulf of Mexico oil spill last year. The company didn’t give a reason for the decline in today’s report.
Socar’s oil exports slumped 12 percent to 2 million tons in the first 10 months of the year, while gas shipments rose 54 percent to 2.2 billion cubic meters. Azerbaijan exports gas to Turkey, Georgia, Russia and Iran.
--Editors: Amanda Jordan, Stephen Cunningham
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