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Azerbaijan’s SOCAR produced 7.4 million tons of oil and 7.3 billion m3 of gas in 2020

Due to the COVID-19 pandemic the year 2020 was marked as a period of global recession, which affected SOCAR too.

Azerbaijan’s SOCAR produced 7.4 million tons of oil and 7.3 billion m3 of gas in 2020

Baku, January 20 - Neftegaz.RU. Under the OPEC+ agreement, SOCAR has significantly reduced both drilling operations and its oil production in 2020.
The OPEC+ production cuts supported the recovery of oil and gas prices during the year.

In 2020, about 56 000 meters of drilling work was conducted by SOCAR.
The company produced 7.4 million tons of oil and 7.3 billion m3 of natural gas on the fields operated.

The upward trend in total gas production in the country continued, while the oil production declined, mainly due to voluntary oil output cuts imposed by the OPEC+ agreement.
Compared to 2019, total gas production increased by about 4% to 37.1 billion m3.
During the year, Azerbaijan produced 34.5 million tons of crude oil.

In 2020, SOCAR exported 17.9 million tons of crude oil.
During the year, about 12 billion m3 of gas was consumed in the country.
Azerbaijan's gas exports increased by 16% to 13.4 billion m3.

SOCAR’s Heydar Aliyev Oil Refinery processed 5.9 million tons of oil while SOCAR’s Gas Processing Plant’s output was 3.8 billion m3 in 2020.
The volume of gas processing grew by more than 17%, amidst relative decrease in oil refining due to the lower demand for oil products during pandemic.

During 2020, exports of oil and petrochemical products (incl. polymers) amounted to ca. 2.4 million tons.
SOCAR Polymer exported 132,5 thousand tons of polymer products, including a variety of high-density polyethylene and polypropylene brands.This is a 58% increase, compared to 2019.

The main export markets for Azerbaijan’s polymer products are Russia, Turkey and China.
SOCAR Polymer became the largest polypropylene exporter to Russia in 2020.

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