Baku Energy Forum - SOCAR plans to launch new projects in 2019

SOCAR plans to launch new projects in 2019


SOCAR’s revenues in foreign markets exceed revenues received within the country. The company more than quadrupled the global trade in liquefied natural gas, SOCAR President Rovnag Abdullayev said in an interview with AzerTac State News Agency. According to him, only at the expense of the recently opened SOCAR Carbamide plant, which will export more than 70 percent of its products to foreign markets, the additional income of the country will amount to hundreds of millions of dollars. The head of the company noted that in the coming years, the company plans to increase the scale of drilling and exploration works in the Azerbaijani sector of the Caspian Sea.

According to the president of SOCAR, the development of Shah Deniz, one of the largest gas and condensate fields in the world, has already entered the second stage. In the coming years, the field will produce an additional 16 billion cubic meters of gas per year. Fields such as Absheron, Umid, and Karabakh indicate that the hydrocarbon resources of Azerbaijan are much more than previously predicted. At the same time, a new semi-submersible drilling rig named after Heydar Aliyev started drilling the first well at the Absheron field from last year. The depth of this well will be more than 7400 meters. Drilling will be completed in the third quarter of this year. After that, this installation will start drilling an exploration well within the framework of the Shafag-Asiman project.

“The first products from the Absheron and Karabakh fields are expected to be received in 2020-2021. According to the project D-230, being developed jointly with BP, this year, according to the schedule, preliminary seismic survey should be carried out. The issue of creating an artificial island for joint drilling with BP in the shallow part of the Absheron Peninsula is also being considered,” Abdullayev said.

According to the head of the company, the development of all of these new fields and promising structures will allow in the coming years and decades to significantly increase the production of natural gas in Azerbaijan and to stabilize oil production. In the coming years, the strategic goals of SOCAR are to fully meet the country's domestic needs, sustainably ensure its energy security, explore new investment opportunities in Azerbaijan and foreign countries, improve our value chain and further increase revenues.