Thursday, January 10, 2008
State Oil Company of Azerbaijan hits oil production target of 2007
07 January 2008 - Day.Az - The State Oil Company of Azerbaijan (SOCAR) produced a total of 8,800,880 tons of oil in 2007 (oil and gas producing department -7, 595,750 tons and joint ventures and operating companies-1,194,130 tons). According to sources from SOCAR, the company hit the target of 2007 which totaled 8,800,000 tons of oil. At the same time, the indicators of 2007 are 2.1% lower as compared to 2006, when 8,993,777 tons of oil were produced. The December oil production made up 722,120 tons, which is 3.4% lower than the forecast (620,310 tons produced by the oil and gas producing departments and 101,810 tons by joint ventures and operating companies). Last year the State Oil Company of Azerbaijan transferred 8,713,000 of crude to the state which is 0.1% lower than the forecast (7,512,170 tons transferred by the oil and gas producing departments and 1,181,160 tons by joint ventures and operating companies, including 437,060 tons to the SOCAR Department of Marketing and Economic Operations for domestic turnover and 456,800 from the Department of Marketing and Economic Operations). At the same time 755,180 tons of oil were transferred in December, which is 2% higher than the forecast.