## 2024-08-09 15:49:53
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Azerbaijan’s state oil company SOCAR’s production is expected to grow by 0.5 percent per year from 2023 to 2025, according to the forecasts of international rating agency Fitch Ratings.
In 2023, SOCAR’s oil and gas production remained generally stable at 286 thousand barrels of oil equivalent per day.
“This follows an 8 percent decline in Azerbaijan’s oil production and a 3 percent increase in gas production. Azerbaijan’s oil production has historically declined, and this trend is not expected to change significantly. Fitch assumes that SOCAR’s production will grow by 0.5 percent per year in the forecast period, supported by higher natural gas production.
SOCAR’s operations encompass exploration, production, processing, and transportation of oil, gas, and gas condensate, as well as the sale of oil and petrochemical products domestically and internationally. The company also supplies natural gas to industrial enterprises and the population in Azerbaijan and Europe.
SOCAR maintains operations in various countries, including Turkey, Georgia, Romania, Switzerland, Germany, and Ukraine, with its trading activities primarily concentrated in Switzerland, Singapore, and Nigeria.
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