A new oil well at the Western Absheron offshore field will increase annual oil production of the State Oil Company of Azerbaijan Republic (SOCAR) by 5,100 tons, according to a statement by SOCAR on December 22nd.
The horizontal well, which will be located at the Western Absheron Field, will have a daily oil flow rate close to 14 tons. Of note, during January-October 2016, SOCAR extracted 6.32 million tons of oil from all offshore and onshore fields in Azerbaijan.
SOCAR is the national oil and gas company of Azerbaijan and is headquartered in the capital city of Baku. The company plays an important role in supplying gas to European markets via huge regional projects, such as the Trans Anatolian Natural Gas Project (TANAP) and Trans Anatolian Pipeline (TAP).
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