Bloomberg News

Socar Says Oil, Natural-Gas Production Decline in First Quarter

May 02, 2012

State Oil Co. (ATPG:US) of Azerbaijan said crude production fell in the first three months of the year, declining for at least the fourth straight quarter.

Socar, as the company is known, produced 2.03 million metric tons of crude oil in the first quarter, the Baku-based company said on its website, without giving a reason for the decline. That is equivalent to 163,400 barrels a day, down about 2.8 percent from the average in the previous three-month period and 4 percent less than a year earlier.

Gas output fell to 1.71 billion cubic meters from 1.74 billion cubic meters a year earlier, Socar said.

Azerbaijan, the third-largest oil producer in the former Soviet Union after Russia and Kazakhstan, produced 45.6 million tons of oil and 25.7 billion cubic meters of gas last year. Oil output decreased from 51 million tons in 2010 to ensure peak production continues for 10 to 15 years, Socar Vice President for Marketing and Investment Elsad Nasirov said yesterday.

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


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