SOCAR Company News
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New Caspian Pipeline to Reshape Europe Gas Market
Tuesday, October 13, 2020The new link will shift the dynamic of a market that gets much of its gas supplies from Russia and the North Sea.
Turkish Refinery Turns to Russia for Oil
Monday, July 22, 2019Azerbaijan's state oil company is turning to Russia to supply a new $6.3 billion refinery it built in Turkey because shipments from one of its preferred suppliers - Iran - are off the table.
Pertamina Invites Socar, JX Nippon To Partner On Balikpapan Upgrade
Wednesday, August 01, 2018Pertamina has approached Socar and Japan's JX Nippon Oil & Energy Corp for possible partnerships to upgrade Indonesia's Balikpapan oil refinery.
Socar's Oil Trading Arm Rolls Back Expansion After Weak Profits
Wednesday, July 18, 2018Azerbaijan's Socar is refocusing its trading arm's activities on LNG and its new Turkish refinery.
BP, SOCAR Sign PSA for Exploration, Development Offshore Azerbaijan
Friday, April 27, 2018BP and SOCAR sign a new production sharing agreement for the joint exploration and development of Block D230.
BP, Azerbaijan's SOCAR To Sign Caspian Sea Exploration Deal In 2017
Thursday, October 12, 2017SOCAR plans to sign a production-sharing agreement with BP to jointly explore prospects in a new block.
Azerbaijan's SOCAR To Boost Its Share In New Deal With BP On Oil Fields
Friday, September 08, 2017SOCAR is expected to increase its share in a new production sharing agreement with oil major BP for development of the country's biggest oilfields, two industry sources say.
Azerbaijan's SOCAR Sees H2 2016 Net Profit At $298 MM
Tuesday, January 17, 2017Azeri state oil company SOCAR expects net profit of around 550 million manat ($298 million) for the second half of 2016.
SOCAR, AIOC Agree to Develop ACG Field
Friday, December 23, 2016SOCAR and AIOC sign a letter of intent for the future development of the Azeri-Chirag-Gunashli (ACG) field, in the Azerbaijan sector of the Caspian Sea.
Total, SOCAR Sign Absheron Development Agreement
Tuesday, November 22, 2016Total and SOCAR sign an agreement establishing the contractual and commercial terms for a first phase of production from the Absheron gas and condensate field, located in the Caspian Sea.
Fire At Azeri Oil Field Well Extinguished
Tuesday, September 27, 2016A fire at Azerbaijan's Guneshli oil field was extinguished on Tuesday, the state energy company SOCAR said.
PETRONAS, SOCAR Ink MOU on Goshadash Block in Caspian Sea
Monday, September 19, 2016Malaysia's PETRONAS and SOCAR ink a memorandum of understanding to explore, develop and produce from the Goshadash Block in Azerbaijan's sector of the Caspian Sea.
Azerbaijan's SOCAR Assumes Oil Price Of $40 Per Barrel In 2017 Budget
Thursday, September 15, 2016SOCAR assumes an oil price of $40 per barrel in its 2017 budget, the company's president, Rovnag Abdullayev, tells reporters.
Azerbaijan's SOCAR To Issue $100M In Eurobonds For Azeri Citizens
Friday, September 09, 2016Azeri state oil company SOCAR will issue $100 million worth of dollar-denominated Eurobonds for Azeri citizens on Sept. 20, the country's financial markets regulator says.
BP Progresses Development of Shah Deniz 2 Project
Friday, September 02, 2016BP progresses development of the Shah Deniz 2 Project in the Caspian Sea offshore Azerbaijan, with the platform jacket to be installed soon.
Azeri January to July Oil Shipments Via Russia Fall 34%
Monday, August 01, 2016Azerbaijan's state oil company SOCAR shipped 559,065 tonnes of oil via Russia in the seven months to the end of July, down from 845,757 tonnes in the same period last year, it said on Monday.
SapuraKencana Secures $126M EPCI Contract for the TANAP Project
Thursday, July 28, 2016Malaysia's SapuraKencana Petroleum secures its first engineering, procurement, construction and installation (EPCI) contract in Europe with a $126 million deal for the Trans Anatolian Natural Gas Pipeline (TANAP) project offshore Dardanelles Strait.
Azerbaijan's SOCAR Reports $1.15B Net Loss For 2015
Friday, July 01, 2016Azeri state energy company SOCAR reports a $1.15 billion (1.785 billion manat) net loss for 2015, compared to a 1.274 billion manat net profit a year earlier, the company said on Friday.
Saipem Secures EPCI Contract for TAP Pipeline
Thursday, April 14, 2016Saipem S.p.A secures a new EPCI (Engineering, Procurement, Construction and Instalation) contract for the offshore section of the Trans Adriatic Pipeline project from Trans Adriatic Pipeline AG.
Oil Industry Keeps Champagne Flowing Despite Price Slump
Thursday, February 04, 2016Despite the battering taken by oil prices in Azerbaijan and Algeria, their NOCs plan lavish hospitality for annual parties and networking.
Azeri SOCAR to Reduce Spending in 2016 Due to Low Oil Prices
Tuesday, December 15, 2015Azerbaijan's state oil firm SOCAR plans to cut spending next year due to lower oil prices and introduce changes in the way its overseas offices operate.
BP Says Not Affected by Azerbaijan Oil Platform Accident
Monday, December 07, 2015BP says its operations in Azerbaijan have not been affected by Friday's fatal accident at one of SOCAR's platforms in the Caspian Sea.
Azerbaijan Says 29 Missing after Oil Platform Fire Feared Dead
Sunday, December 06, 2015Azerbaijan state energy company SOCAR says 29 workers, who have been missing after an oil platform fire in the Caspian Sea, are feared dead.
Azeri Workers Rescued From Oil Platform Fire In Caspian Sea
Friday, December 04, 2015Dozens of workers rescued from an offshore oil platform that caught fire in Azerbaijan's sector of the Caspian Sea, according to Azeri independent TV.
Azerbaijan 2016 Oil, Gas Production To Be Steady Around 2015 Levels
Monday, September 21, 2015Azerbaijan expects to produce 40 million tonnes of oil and 30 billion cubic metres of gas in 2016, a senior official at SOCAR says.
SOCAR Says Willing to Divest Part of Stake it Wants in Greek Gas Grid
Friday, September 18, 2015Azerbaijani state energy firm SOCAR would be prepared to divest a percentage of Greek gas grid operator DESFA as part of deal to acquire stake.
Azeri Energy Firm SOCAR Says Revenues Halved in 2015 Due to Weak Oil Price
Monday, September 14, 2015Azerbaijan's state oil firm SOCAR says its revenues have halved this year due to the low oil price.
Technip Wins TAP Pipeline Project Management Work
Tuesday, July 21, 2015France's Technip wins a project management consultancy contract for the Trans Adriatic Pipeline.
Caspian Conference: Azeri Oil, Gas Production Target Raised for 2015
Thursday, June 04, 2015Azerbaijan raises its oil and gas production targets for 2015 thanks to a strong performance by BP-operated fields in the country.
Caspian Conference: TANAP Key to Delivering Energy Security to Europe
Wednesday, June 03, 2015Rigzone hears energy officials from Azerbaijan and Turkey discuss the energy security significance of the Trans-Anatolian Pipeline at a conference in Baku.
BP to Suspend Operations at Caspian Sea Platform
Tuesday, May 12, 2015UK oil major BP suspends operations at one of its platforms in the Caspian Sea for planned maintenance, according to a spokesperson.
TANAP to Hold Talks with Foreign Companies on Partnerships
Monday, May 04, 2015Turkey's energy minister says partners in the Trans-Anatolian Natural Gas Pipeline (TANAP) will hold takes with foreign companies for possible partnerships.
Azeri SOCAR Assumes Statoil's Pipeline Project Operating Rights
Friday, May 01, 2015Statoil hands over its commercial operating rights over the gas-carrying South Caucasus Pipeline project to Azeri state energy firm SOCAR.
BP Sees TANAP Gas Pipeline Project Deal within Two Months
Wednesday, March 25, 2015BP expects to sign a deal with the Trans-Anatolian Natural Gas Pipeline project within two months.
Azerbaijan's Oil Output Seen Down 4% In 2015
Wednesday, March 11, 2015Azerbaijan is likely to cut oil production by 4% to 806,000 barrels per day this year, according to an official.
SOCAR Cape JV Bags $65M Services Contracts for Shah Deniz Project
Friday, February 06, 2015The SOCAR Cape joint venture bags three services contracts, worth $65 million, for the Shah Deniz development project in Azerbaijan.
BP, SOCAR Ink Caspian PSA Agreement
Monday, December 22, 2014BP and SOCAR sign a new production sharing agreement to jointly explore for and develop potential prospects in the shallow water area around the Absheron Peninsula in the Azerbaijan sector of the Caspian Sea.
Three Azeri Workers Die In Offshore Platform Accident
Thursday, October 23, 2014Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea, SOCAR says.
Azerbaijan's SOCAR Issues Tender For Two Caspian Sea Gas Deposits
Wednesday, September 10, 2014SOCAR says it has issued a tender for the joint exploration of two major gas deposits in the Caspian Sea with total preliminary reserves of about 600 bcm.
Azeri Oil Output Falls in Jan-May on Lower ACG Oilfields Production
Friday, June 06, 2014Azerbaijan oil and condensate output falls due to lower production at the Azeri, Chirag and Guneshli oilfields.
SOCAR: Total, E.ON Plan to Withdraw from TAP Gas Pipeline Project
Tuesday, June 03, 2014Total and E.On plan to withdraw from the Trans Adriatic Gas Pipeline project, according to Azeri state energy company SOCAR.
Azerbaijan's SOCAR to Lower Gas Exports in 2014
Monday, May 19, 2014Azeri state energy company SOCAR's gas exports are set to fall due to lower volumes to Russia.
SOCAR Expects Total To Submit New Azeri Gas Field Plan End-2014
Tuesday, May 13, 2014Total is expected to draft a development plan as operator for Azerbaijan's Apsheron gas field in the Caspian Sea by the end of 2014.
RWE, SOCAR To Study Potential For Oil In Caspian Off Azerbaijan
Wednesday, May 07, 2014RWE signs an agreement with SOCAR to examine the potential for oil and gas under the shallow waters off Azerbaijan's Caspian coast.
Azeri Shipyard, BP Sign $378M Contract On Vessel Construction
Wednesday, April 23, 2014SOCAR's shipyard and BP sign a $378 million deal to design and build a subsea construction vessel for the Shah Deniz II gas project
Azerbaijan Planning Third Stage Of Shah Deniz Project After 2025
Wednesday, March 12, 2014Partners in Shah Deniz are drawing up plans for the third development stage of the major gas project after 2025.
BP Says Starts Oil Output at Azeri's West Chirag Platform
Wednesday, January 29, 2014BP extracts first oil at the rate of 6,000 barrels per day at its West Chirag platform offshore Azerbaijan.
BP, Statoil Move Ahead with Shah Deniz Stage Two
Tuesday, December 17, 2013BP and its partners decide to go ahead with the Stage Two development of the Shah Deniz gas field, offshore Azerbaijan.
Azeri SOCAR to Halt Oil Exports via Russia in February
Thursday, December 05, 2013Azerbaijan's SOCAR plans to halt oil exports via Russia, opting instead to send its crude through Turkey.
New Ship Yard Opened in Azerbaijan
Friday, September 20, 2013A new yard for the construction of specialized offshore vessels is opened in Azerbaijan, with rig constructor Keppel holding a 10-percent stake.