SOCAR fulfils two main roles: it invests, executes and operates upstream operations as the State Oil Company, as well as manages and markets the State share of the oil & gas produced on behalf of the Republic of Azerbaijan.
The BP operated Azeri-Chirag-Guneshli (ACG) field is the largest field in Azerbaijan, and has traditionally been the main source of Azeri light crude, producing over 2.5 billion barrels in crude and 23 billion cubic meters of associated gas since it was commissioned in 1997.
After $6 billion of investment, first oil was extracted from the new ACG West Chirag platform in 2014. Built entirely in Azerbaijan, using local resources and talent, the new platform will allow for optimizations in the ACG field production and recovery.
Besides ACG, SOCAR owns and operates a wide range of other on-and offshore oilfields in Azerbaijan producing 200,000-300,00 barrels per day, with varying degrees of participation from international partners.
With the second phase of Azerbaijan’s giant gas field Shah Deniz phase 2 expected to begin production in late 2019, SOCAR will have a more prominent position as a global gas exporter.
16 billion cubic meters of gas from phase 2 will be exported from Azerbaijan through Turkey via the Trans Anatolian Natural Gas Pipeline (TANAP) and then Greece, Albania, and Italy via the Trans Adriatic Pipeline (TAP), on top of the 9 billion cubic meters of gas produced by Shah Deniz phase. Both of these pipelines hold significant strategic value for countries in the region, as they will contribute to the diversification of Europe’s gas supply.
SOCAR has varying participations in other gas field as well, with the Umid field -discovered using SOCAR’s own resources in 2010- showing great promise with 200 billion cubic meters of natural gas in proven reserves, and 40 million tonnes of condensate.