SOCAR is planning to increase its natural gas reserves in UGSs up to 3.2 billion cu m in 2019, Ibrahim Ahmadov, Deputy Head of the SOCAR Public Relations and Event Management Department, told local media.
He noted that in the 2018-2019 winter period, the total reserves in UGSs were brought up to 3 billion cu m. Thus, the volume of gas reserves in the UGSs for the 2019-2020 autumn-winter period is expected to increase by 6.6 %. The capacity of Azerbaijan’s UGSs is 3.5 billion cu m, which allows meeting the country's domestic needs by 30-33 %.
At the same time, SOCAR continues the work to increase the total capacity of the Garadagh and Kalmaz UGSs to 5 billion cu m. This process is expected to be completed in the coming years.
SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan.
Three production divisions, one oil refineries and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.
SOCAR conducts various petroleum activities in countries such as Georgia, Turkey, Romania, Switzerland, Germany and Ukraine, including trading activities, mainly in Switzerland, Singapore and Nigeria.