Bloomberg News

Socar’s Oil, Natural-Gas Output Falls in First 10 Months of Year

November 24, 2011

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

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


American Apparel's Future
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