ECONOMY


SOCAR TO USE OWN FUNDS FOR OIL FIELDS DEVELOPMENT

According to the State Oil Company of Azerbaijan Republic (SOCAR), Azerbaijan’s rapid economic development and SOCAR’s accomplishments will allow the company to develop new fields using internal financial resources.

Presently, new wells are being drilled in the Guneshli field shallow waters, Oil Rocks, Hovsan, Gum Adasy fields as well as fields around Pirallahi island and Balakhany, Bibiheybet and Buzovna onshore fields.

Moreover, SOCAR plans to use its own funds for doing exploration works in the Umid, Babek, Ashrafi, Karabakh fields. This year, new platforms are expected to be installed in the Karabakh field as well.

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