Azneft Output Down Jan-May Y-o-Y

Socar's upstream subsidiary Azneft has seen output dip in the first five months of this year compared with 2015 and it plans to drill 88 new wells next year, the deputy director-general of the company Adalat Eminov said. It also plans to complete another 89 wells and bring 45 new facilities into operation.

By the end of 2016 the exploration works will be completed on Goshadash field and if the results are positive, then the drilling operations will begin. In 2017 it is also planned to expand the seismic survey works on the Bulla Deniz gas field.

Azneft operates 18 onshore and 13 offshore oil and gas fields. But even with the new wells, Azneft's gas production in 2017 will be less than it was last year.

It extracted 6.1bn m³ of gas in 2015. The company plans to produce 5.6bn m³ this year and 5.8bn m³ in 2017.

Azerbaijan's gas production (mn m³)

Source: Government 

(image credit: Socar)

Azerbaijan desk