Bloomberg News

Socar Oil, Natural-Gas Output Fell in First Five Months of Year

June 28, 2012

State Oil Co. of Azerbaijan, the Azeri energy producer known as Socar, pumped less oil and gas in the first five months of 2012 than a year earlier.

Oil production fell 2.6 percent to 3.4 million metric tons, while gas output slid 2.8 percent to 2.86 billion cubic meters, the Baku-based company said today on its website, without giving a reason. Socar officials previously attributed falling oil production to increased safety measures at the BP Plc-led Azeri- Chirag-Guneshli field after the Gulf of Mexico oil spill.

The state energy producer pumped 8.4 million tons of oil and 7 billion cubic meters of gas last year, down from 8.46 million tons of oil and 7.2 billion cubic meters of gas a year earlier.

Azerbaijan, the third-largest oil producer in the former Soviet Union, cut total oil production by 10 percent to 45.6 million tons last year. Gas output fell 2 percent to 25.8 billion cubic meters.

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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