The FINANCIAL — SOCAR produced above 1,8 million tons1of oil and more than 1,8 billion cubic meters2of natural gas during the third quarter of 2020. Due to production cuts under OPEC+ agreement, oil production decreased, as compared to the same period of the previous year. Natural gas production continued to grow. Nationwide crude oil and natural gas output totaled about 8,2 million tons3and 8,2 billion cubic meters4respectively.
In the third quarter, SOCAR carried out 11 thousand meters5of drilling work, while total volume of the country’s performance in this area amounted to 42 thousand meters6.
SOCAR’s quarterly refining output was about 1,3 million tons7of oil and above 827 million cubic meters8of natural gas.
In the third quarter of 2020 SOCAR exported about 3,7 million tons9of crude oil and more than 148 million cubic meters10of natural gas. During this period about 2,3 billion cubic meters11of natural gas were consumed on domestic market and more than 3 billion cubic meters12were exported, a 13 percent increase from the same period of the previous year.
SOCAR exported about 571 thousand tons13of refined oil products and chemicals in the third quarter of 2020.
Note: The figures in the report were rounded for readability. Please find exact figures in the endnote.