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64-903: BP reports that crude oil from ACG is exported through the Baku–Tbilisi–Ceyhan pipeline to the Mediterranean Sea and the Baku-Supsa Pipeline to Supsa in Georgia , as well as through the Baku-Novorossiysk Pipeline to Novorossiysk in Russia . It is believed that there may also be untapped natural gas reserves under the ACG oilfields. Media reports indicate that according to American Consulting Association IHS CERA (Cambridge Energy Research Associates),

128-611: A gas blowout occurred at the platform No.90 of Bulla Deniz field . As a result, the platform burned from 17 August to 24 October 2013. On 23 October 2014, four workers were killed and three workers were in injured when during repair works on the platform No. 441 at the Narimanov field a small wagon-house fell into the sea which damaged a gas pipeline and caused a fire. Altogether, fourteen SOCAR's workers were killed in oil and gas platforms accidents in 2014. On 4 December 2015, three workers of SOCAR were reported missing after part of

192-598: A 42-floor SOCAR Tower which was under construction since 2010 and completed in late 2016. It is the tallest skyscraper in the Caucasus with 209m of height. Apart from the head office, SOCAR's supporting offices are dispersed across the city. The first representative office of SOCAR was established in London in 1994. Now the company has offices in London , Frankfurt , Geneva , Vienna , Bucharest , Istanbul , Kyiv , Tbilisi , Astana and Tehran . On 17 August 2013,

256-513: A court in Manhattan on paying bribes to the former president of Azerbaijan, Heydar Aliyev , his son and first vice-president of SOCAR at that time Ilham Aliyev and other Azerbaijani government leaders to induce them to rig the privatization of SOCAR in Bourke’s and Kožený's favor. Bourke denied knowing about the bribes, while Kožený admitted bribing Azerbaijani leaders. According to the indictment,

320-482: A huge banking crisis, and an economic collapse" and that "the government was left with no other option than to rev up oil exploration and hasten the depletion of extant wells, despite the fact that oil discoveries had peaked." Menaldo wrote in 2016, "the days in which the Azerbaijani state can offset its underlying weakness by drilling its way out of trouble are numbered... Whether Azerbaijan can now transition to

384-885: A joint exploration and development over the Shallow Water Absheron Peninsula . SOCAR has explored the Umid and Bulla Deniz gas fields. In 2017, SOCAR and a consortium led by BP signed a letter of intent for future development of the Azer-Chirag-Gunashli field. They signed a $ 6 billion contract regarding the Azeri Central East (ACE) platform on the Azeri-Chirag-Gunashli field. In 2016,, SOCAR produced 6.27 billion barrels (997,000,000 m ) of gas. Azerbaijan has 57 oil fields, 18 of which are offshore, in

448-565: A joint pilot project to produce offshore energy on a floating wind turbine . Back in April of the same year, Azerbaijan had signed a memorandum of understanding with the International Finance Corporation (IFC) in order to cooperate on offshore wind development. The cooperation between the two companies is to determine the potential of the countries offshore wind possibilities. SOCAR's headquarters are located in

512-726: A loss from the transaction in the range of $ 300 million to $ 400 million, recorded in 2024. Of Equinor's original 7.27% interest in ACG, 6.655% reverted to SOCAR , the State Oil Company of the Republic of Azerbaijan, and 0.615% to ONGCVidesh . As of the first quarter of 2024, the remaining participating shareholders of the Azeri–Chirag–Gunashli development were BP with a 30.37% stake, SOCAR (31.66%), MOL (9.57%), INPEX (9.31%), ExxonMobil (6.79%), TPAO (5.73%), Itochu (3.65%) and ONGCVidesh (2.93%). BP also leads

576-737: A more diversified economy is an open question." Thomas de Waal wrote in 2018, "Azerbaijan’s economy showed classic symptoms of “Dutch Disease,” the condition whereby heavy reliance on the export of one product—usually oil or gas—weakens the rest of the economy." According to De Waal, the oil wealth had enriched political and economic elites in Azerbaijan, along with underspending of the oil riches on long-term development. SOCAR's activities are exploration, preparation, exploitation of onshore and offshore oil and gas fields, transportation, processing, refining and sale of oil, gas, condensate and other related products. SOCAR's exploration activities cover

640-414: A platform for repeated pumping in a layer to support layer pressure. As of September 2009, 164.2 million tonnes of oil and 37 billion cubic meters of associated gas have been produced and 80.3 million cubic meters of water and 13 billion cubic meters of gas have been injected into layers since the beginning of production in ACG fields in 1997. The total production rate of the ACG complex as of

704-516: Is a fully state-owned national oil and gas company headquartered in Baku , Azerbaijan . The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani segment of the Caspian Sea . It operates the country's only oil refinery, one gas processing plant and runs several oil and gas export pipelines throughout the country. It owns fuel filling station networks under

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768-832: Is considered "well-connected" in Germany and plays a role in the wake of revelations about lobbying and corruption in connection with the Azerbaijani laundromat . The state-owned company supports, among other things, annual symposia organized by the Azerbaijani Embassy in Berlin and the German-Azerbaijani Forum association (DAF). In 1997/1998, the government of Azerbaijan was in the process of privatizing SOCAR. In 2009 Frederic Bourke, founder of Dooney & Bourke and Viktor Kožený were convicted by

832-619: Is for the installation of a Fluid catalytic cracking (FCC) gasoline hydrotreating unit, and the other for the installation of an LPG mercaptan oxidation unit and an amine treatment and LPG pre-treatment unit. SOCAR and Axens signed licensing and design agreements for the FCC unit included in the HAOR modernisation project. With this, engineers will be provided with schooling related to the units, as well as specifically aiming to develop energy efficiency skills and sustainability. The first fuel station of

896-508: Is in custody as a main suspect in connection with the murder. In April 2021, a Swiss court dismissed a lawsuit by SOCAR, in which Azerbaijan's state-owned company sought to prevent the disclosure of bank information to Latvian police. Latvia is investigating suspicious payments of about 28 million euros by Azerbaijani-controlled shell companies linked to an agreement between the Maltese government and SOCAR. The agreement became public during

960-443: Is supplied by BP free of charge. Azerbaijan received over 1 billion cubic meters of gas from these fields in the 1st quarter of 2009. Current recovery comes to nearly 27 million cubic meters of casing head gas a day. A portion of gas is routed to national gas transportation system of Azerbaijan. Some is used as source of fuel at the platforms. Casing head gas from platforms in central, western and eastern parts of Azeri field

1024-449: Is supplied to Sangachal Terminal via 28 inch subsea gas pipeline to distributive system of Azerigaz CJSC to use on the local market. A portion of casing head gas extracted at Chirag platform is directed to SOCAR's compressor station (the State Oil Company of Azerbaijan) to Oil Rocks field via 16 inch subsea gas pipeline. The rest of the gas from Azeri–Chirag–Guneshli platforms are pumped through intra field subsea gas pipeline to

1088-789: Is the major shareholder with 58% ownership in the Trans-Anatolian gas pipeline (TANAP) and with 20% ownership in Trans Adriatic Pipeline (TAP) which are meant to transmit some 16 bcma of gas produced from the second phase of Shah Deniz gas field with 10 bcma of that going to Europe and 6 bcma to Turkey.. The TAP is seen as a competitor to Russia's South Stream because of diversification of gas supplies to Europe. In February 2021, SOCAR's vice president for investment and marketing, Elshad Nasirov, stated that 20% of TANAP would be able to transport hydrogen to Europe without additional investments. The company has stakes in

1152-409: The 2018 FIFA World Cup . SOCAR also becomes an Official Sponsor of the 2016 UEFA European Under-17 Football Championship, which will take place in Azerbaijan. In September 2014, SOCAR signed an agreement to become an Official Partner of Baku 2015 European Games SOCAR is the sponsor of Association of Football Federations of Azerbaijan and Azerbaijani football club Neftchi Baku . SOCAR became

1216-515: The AIOC consortium. Under a 2017 agreement to extend the production sharing to 2049, the interest of SOCAR, the Azeri state energy company, increased to 25% while the interests of the other shareholders were reduced. With 3 stages completed and 7 operational platforms functional, total production from Azeri–Chirag–Gunashli was more than 1 million barrels (160,000 m) a day in 2009. During

1280-687: The Assembly of the Friends of Azerbaijan (AFAZ) and the Turquoise Council of Americans and Eurasians, both run by Kemal Oksuz as conduits. In May 2013, UEFA announced that SOCAR is an Official Sponsor of the 2016 UEFA European Football Championship final tournament, and acquires rights in connection with the European Qualifiers, which run from 2014 to 2017, and which relate to the qualification matches for UEFA Euro 2016 and

1344-1089: The Freienbach district, which is to produce 1,000 to 1,200 tons of emission-free mobility green hydrogen a year. The green hydrogen that is produced there will be transported in the pipelines of the former substation to the Fuchsberg motorway service station, where SOCAR will set up filling stations. In December 2007, SOCAR Trading was incorporated and became the marketing division of SOCAR. Headquartered in Geneva , SOCAR Trading offers ultra-low-sulfur-diesel, liquefied petroleum gas and markets SOCAR crude oil export volumes from Ceyhan , trades third-party crude and oil products and assists SOCAR with international investments in logistics, downstream and sales. Alongside its field of activity in marketing and sales, SOCAR Trading assists SOCAR in expanding SOCAR's assets as well. Azerigaz Production Union (PU) has been carrying out transportation, distribution and sale of natural gas in

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1408-708: The Ministry of the Oil Industry of the Azerbaijan SSR and in 1965–1970, the Ministry of Oil Production Industry of the Azerbaijan SSR were established on the basis of Azerneft. In August 1970, it was renamed back to Azerneft . As the Republic of Azerbaijan gained independence, Azerineft State Concern was established on 3 December 1991. The State Oil Company of the Azerbaijan Republic (SOCAR)

1472-524: The SOCAR brand in Azerbaijan , Turkey , Georgia , Ukraine , Romania , Switzerland , and Austria . SOCAR is a major source of income for the authoritarian regime in Azerbaijan . The company is run in an opaque manner, as it has complex webs of contracts and middlemen that have led to the enrichment of the country's ruling elites. Azneft, a business that integrated the Azerbaijani oil industry

1536-695: The Western Export Route Pipeline and the Baku-Tbilisi-Ceyhan oil pipeline, to MOL Hungarian Oil and Gas PLC. In 2018, and again in May 2020, ExxonMobil unsuccessfully put its stake in Azeri–Chirag–Gunashli up for sale. In 2023, Norway's Equinor divested all of its assets in Azerbaijan, including its stakes in the Azeri–Chirag–Gunashli development and the Baku-Tbilisi-Ceyhan oil pipeline. Equinor reported

1600-412: The 21st of July 2022, Rovshan Najaf was appointed President of State Oil Company of the Republic of Azerbaijan, SOCAR. The Azerbaijan government adopted for a strategy in the 1990s to rev up oil exploration and deplete existing oil wells, with immediate economic gains. Victor Menaldo writes that recently independent Azerbaijan found "itself in a fragile and desperate situation after a war against Armenia,

1664-475: The 44-day Nagorno-Karabakh war between Armenia and Azerbaijan. Since 2012, SOCAR has sought to avoid U.S. sanctions aimed at Iran, its partner in a 28 billion dollar Caspian Sea natural gas project. SOCAR funded an all-expenses-paid US-Azerbaijan "energy conference" in Baku for 10 members of Congress and 32 staff members, which took place on 28 and 29 May 2013. It used two Houston based non-profit organizations,

1728-500: The Azerbaijani crude. It meets the country's entire demand for petroleum products, and 45% of its petroleum products are exported. The Gas Processing Plant produces processed gas, liquified gas and natural gasoline. In 2010, the plant produced 4 bcm of processed gas, 24,800 tons of liquefied gas and 26,700 tons of natural gasoline. Two subsidiaries of Maire Tecnimont S.p.A signed two EPCs with Heydar Aliyev Oil Refinery (HAOR) for its modernization and reconstruction in 2021. The one EPC

1792-578: The Azerbaijani sector of the Caspian Sea . The essential part of the company's revenue comes from the giant ACG oil field complex and Shah Deniz gas field . In September 1994, SOCAR entered into a Production sharing agreement (PSA) with the foreign oil companies led by BP for the 30-year development of the ACG oil field, which was later known as the Contract of the Century . Two years later Shah Deniz PSA

1856-417: The Azeri Central East (ACE) platform, which is planned to be built on the Azeri–Chirag–Gunashli (ACG) block, has been adopted at the signing ceremony. The construction is scheduled to start in 2019, and the completion is scheduled for mid-2022. In the first quarter of 2024 production was 339,000 barrels per day (53,900 m/d), approximately one-third of peak value. The founding consortium formed to develop

1920-444: The Azeri–Chirag–Gunashli is the third-largest oil-field development out of 20 listed. Total investment was estimated at US$ 20 billion as of 2009. As of 2008 reports, oil from the ACG fields accounted for approximately 80% of Azerbaijan's total oil production (exports and domestic consumption) and was expected to bring Azerbaijan potentially $ 80 billion in profits. Exploitation of the Azeri–Chirag–Gunashli development started at

1984-467: The Azeri–Chirag–Gunashli project initially included BP , Amoco , Unocal , Statoil , McDermott , Turkish Petroleum, and Ramco Energy. Lukoil sold its share in the project in 2003 to Inpex for $ 1.354 billion. On 23 November 2009, Devon Energy announced it would sell its share in ACG. On 29 March 2013, Hess sold its stake to ONGC for $ 1 billion. In April 2020, Chevron sold all of its interest in Azeri–Chirag–Gunashli, including interests in

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2048-649: The Azneft Production Union. On July 21, 2022, Rovshan Najaf was appointed as the President of SOCAR as based on the decree issued by Ilham Aliyev, the President of the Republic of Azerbaijan. In December 2005, the former head of the Baku Oil Refinery and a member of the Azerbaijani parliament, Rovnag Abdullayev , was appointed President of SOCAR. He replaced Natig Aliyev , who was named Azerbaijan's Minister of Industry and Energy . On

2112-592: The Bundestag Marcus Held . Two SOCAR subsidiaries embezzled $ 1.7 billion as part of a contract with BP to expand its operations in the Shah Deniz gas field. The embezzled funds were supposed to go Azerbaijan's public coffers. SOCAR is also part of corruption revelations that led to the murder of Maltese investigative journalist Daphne Caruana Galizia in October 2017. SOCAR's Maltese chief

2176-603: The Caspian Sea. Opening ceremony of Star Oil Refinery was held on 19 October in İzmir , Turkey with the participation of Ilham Aliyev and Recep Tayyip Erdoğan . Since the beginning of the project, US$ 1 392.8 million has been allocated to finance the Azerbaijani share on the STAR project within the framework of the SOFAZ's budget execution. On 15 July 2021, SOCAR signed a cooperation agreement with Technip Energies involving

2240-471: The State Oil Company of the Republic of Azerbaijan (SOCAR), together with BP, Chevron, INPEX, Statoil, ExxonMobil, TP, ITOCHU and ONGC Videsh have signed an agreement to extend the PSA for ACG fields until 2049. On April 19, 2019, SOCAR president Rovnag Abdullayev and BP ’s regional president for Azerbaijan, Georgia , and Turkey , Garry Johns signed a contract cost $ 6 billion. The final investment decision on

2304-634: The United States to disguise the origin of the funds. Members of Congress participating in the trip later stated that they had not known that the trip had been funded by SOCAR. SOCAR itself stated that its sponsorship had never been a secret. In 2017, it became known that SOCAR had made illegal payments totaling 28,000 euros to the Christian Democratic Union of Germany district association in Frankfurt in 2012. By accepting

2368-516: The Wikimedia System Administrators, please include the details below. Request from 172.68.168.237 via cp1104 cp1104, Varnish XID 211556950 Upstream caches: cp1104 int Error: 429, Too Many Requests at Thu, 28 Nov 2024 07:54:24 GMT SOCAR The State Oil Company of the Republic of Azerbaijan ( Azerbaijani : Azərbaycan Respublikası Dövlət Neft Şirkəti, ARDNŞ ), largely known by its abbreviation SOCAR ,

2432-702: The acquisition SOCAR became the owner of a network of more than 160 filling stations operating under the brand name Esso across the country. The first SOCAR premium fueling station in Switzerland after the rebranding was opened in September 2012 in Zürich . All the operations in Switzerland are managed and led by SOCAR Energy Switzerland. In 2021, plans were announced that Alpiq , EW Hofe and SOCAR Energy Switzerland will be building an electrolysis plant in

2496-550: The beginning of 1990s. In January 1991, the Azerbaijani government announced separate international tenders of exploration rights for Azeri, Chirag, and Gunashli fields. In June 1991, a consortium of Amoco , Unocal , British Petroleum , Statoil , McDermott , and Ramco was formed for a development of Azeri field. Azerbaijan was represented in the consortium by SOCAR . Negotiations were expanded to include all three fields. After Heydar Aliyev became President of Azerbaijan in 1993 , talks with foreign companies were stopped and Lukoil

2560-946: The brand name SOCAR since 2010. It is the third-largest network of retail stations in Azerbaijan after Azpetrol and Lukoil . In 2011, the first retail station of SOCAR was opened in Ukraine . In October 2014, the number of the SOCAR stations in Ukraine reached 40. In 2011, the company entered into the Romanian market, acquiring initially 90% and at a later stage the rest 10% of the stake in Romtranspetrol. In September 2014, SOCAR launched its 30th filling station in Romania . In November 2011, SOCAR bought ExxonMobil 's Swiss subsidiary Esso Schweiz for an undisclosed amount. Along with

2624-522: The company under the brand name SOCAR was opened in neighboring Georgia in 2008, before any in its home country. The fuel stations in Georgia are operated by the subsidiary of the company SOCAR Georgia Petroleum. As of 2014, there were currently more than 110 filling stations in Georgia making it the largest retail fuel station network of SOCAR. In Azerbaijan, the company operates a few (less than any other country where it operates) filling stations under

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2688-662: The country that April. This is the first time since 2016 that another company will be supplying Rosneft products to Ukraine. According to BM Georgia, the supply agreement will provide SOCAR with an additional 100,000 tons of diesel fuel and 12,000 tons of LPG. SOCAR has two oil refineries and one gas processing plant. Azerneftyagh Oil Refinery specializes in the production of fuels and oils, producing gasoline, kerosene and diesel distillates, various oils (industrial, motor, transformer etc.) and asphalt. All fuel distillates produced there are sent to Heydar Aliyev Baku Oil Refinery for redistillation. The refinery processes 21 out of 24 grades of

2752-455: The country; Baku-Tbilisi-Ceyhan pipeline (BTC) and South Caucasus Pipeline (SCP). The pipelines deliver the ACG and Shah Deniz hydrocarbons from Sangachal Terminal located in 45 km south of Baku to Turkey and Europe. They pass through the borders of three countries: Azerbaijan, Georgia and Turkey. The share of SOCAR in the BTC and SCP is 25% and 16.7% respectively. In addition, SOCAR

2816-600: The country’s oilfields, Norway based Equinor announced it was selling its assets in Azerbaijan to SOCAR. The sale includes an 8.7% interest in the Baku Tbilisi Ceychan pipeline , used to pump oil to Turkey’s Western coast, a 7.27% interest in the Azeri-Chirag-Gunashli oilfield , and a 50% stake in the Karabakh oilfield . SOCAR has a share in two parallel-running major export pipelines of

2880-667: The donations, the party violated the Political Parties Act, as corporate donations from non-EU countries are prohibited. The case led to a years-long legal dispute with the Bundestag administration, of which the public did not learn. In 2018, it became known that SOCAR paid a controversial donation of 3,000 euros to the German sports club "TuS Dexheim" in 2014. The donation was organized by the then-mayor of Oppenheim and former Social Democratic Party of Germany member of

2944-722: The export routes, construction of the Baku–Supsa Pipeline was agreed in 1996. The pipeline became operational in 1998 and was officially inaugurated in 1999. At the Chirag field, the water injection project was implemented in 1999 and the drilling technology was upgraded in 2000. The second stage of the development consisted of the development of the Azeri field. The development of Azeri field started in 2002. Central Azeri living quarters arrived in Baku in July 2003 and drilling modules arrived in Baku in July 2003. The Central Azeri jacket

3008-511: The first quarter of 2024 was 339,000 barrels per day (53,900 m/d), having substantially declined from the peak output in 2010 of 835,000 barrels per day (132,800 m/d). The oil from the ACG complex was pumped to Sangachal terminal south of Baku and from there routed to foreign markets by Baku-Supsa pipeline , Baku–Novorossiysk pipeline and Baku–Tbilisi–Ceyhan pipeline . An interactive map shows all current export routes. Crude oil Too Many Requests If you report this error to

3072-860: The first three quarters of 2009, over 224 million barrels (35.6 × 10 ^  m) of oil were produced from the Chirag, Central Azeri, West Azeri, East Azeri and Deep Water Gunashli platforms. As per BP's report, Chirag had 19 wells in operation (13 of which are oil producers and 6 - water injectors) with an overall production of 105,300 bbl/d (16,740 m/d). Central Azeri (CA) had 18 wells (13 of which are oil producers and 5 - gas injectors) with production of 185,800 bbl/d (29,540 m/d). West Azeri (WA) had 18 wells in operation (14 of which are oil producers and 4 - water injectors with production of 275,200 barrels per day (43,750 m/d). East Azeri (EA) had 13 wells in operation (9 of which are oil producers and 4 - water injectors) with an overall production 139,400 barrels per day (22,160 m/d) for

3136-554: The first three quarters of 2009. Deep Water Gunashli (DWG) had 17 wells (9 oil producers and 8 water injectors) in operation with production of 116,400 barrels per day (18,510 m/d) of oil. Oil depletion rates of each of the Azeri–Chirag–Gunashli reservoirs are expected to differ over time, with aggregate output from the complex declining substantially after 2018. Azerbaijan also gets approximately 10–11 million cubic metres (350–390 million cubic feet) of casing head gas per day extracted from ACG block. The gas

3200-404: The investigative research of murdered journalist Daphne Caruana Galizia. Latvian authorities were able to force Swiss banks to release banking information about SOCAR in connection with the investigation of an international money laundering scandal. In 2020, SOCAR came under criticism after it publicly engaged in war propaganda against Armenia on behalf of the Azerbaijani government during

3264-468: The living quarters at Oil Rocks fell into the sea due to a heavy storm. At the same day, seven workers were killed, 23 reported missing, and 33 were rescued and evacuated when a fire broke out on the platform No. 10 at the western section of the Gunashli oilfield . (As of January 2016, a total of 10 bodies have been found, leaving 20 people unaccounted for.) SOCAR is often associated with

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3328-778: The platform launched in May 2005. The platform's topsides was installed in September 2005 and production started in January 2006. East Azeri drilling modules and quarters arrived in Baku in June 2005 and the platform was launched in March 2006. The topside was installed in March 2006 and the production began in October 2006. The Deepwater Gunashli pre-drilling program started in December 2005. Drilling modules and quarters arrived in Baku in June 2006. The platform became operational in April 2008. On September 14, 2017, The Azerbaijan Government and

3392-402: The prospective offshore fields in the Azerbaijani sector of the Caspian Sea. The current largest fields being explored are Shafag-Asiman , which is explored with BP, and Absheron natural gas fields which are being explored together with BP and TotalEnergies respectively. In 2010, SOCAR and BP signed a new production sharing agreement regarding Shafag-Asiman. In 2014, SOCAR and BP signed

3456-604: The relatively low-capacity Baku-Supsa Pipeline and Baku-Novorossiysk Pipeline . The Azerbaijani part of the Baku-Novorossiysk Pipeline is operated by SOCAR, whereas Baku-Supsa Pipeline's operator is BP . Moreover, SOCAR operates Dubendi Oil Terminal in Azerbaijan and Kulevi Oil Terminal in Georgia, which are important for transportation and export. An additional supply contract was signed in May 2021, with Russia's Rosneft , to start supplying Ukraine and other countries with oil products and LPG. This came about after Swiss trader Proton Energy suspended shipments of Russian diesel to

3520-432: The territory of the Republic of Azerbaijan. The Union has also been ensuring transportation of natural gas produced by SOCAR to the Islamic Republic of Iran , Georgia and the Russian Federation . Main directions of SOCAR Georgia Gas activity comprise import into the Georgian market and sale of natural gas, as well as construction and rehabilitation of gas pipelines. In 2010, the company was honoured with 'Best Company of

3584-528: The total amount of bribes reached 11 million dollars. According to a confidential ethics report, in 2013 SOCAR secretly funded a trip to a conference in Baku for 10 U.S. members of Congress and 32 of their staff. Three former senior advisers to then-President Barack Obama appeared as speakers at the event. The congressmen and their staff had their travel expenses and luxury gifts paid for by SOCAR worth hundreds of thousands of dollars. SOCAR allegedly funneled $ 750,000 in funds through nonprofit companies based in

3648-434: The widespread corruption in Azerbaijan. In a 2011 survey by Transparency International concerning the anti-corruption practices of 44 oil companies, SOCAR ranked last. Frank Schwabe , a member of the German Bundestag and member of the Parliamentary Assembly of the Council of Europe , sees SOCAR as a "central steering instrument for the foreign policy and sports policy of the authoritarian president of Azerbaijan." SOCAR

3712-445: The year' for active participation in 'Gas provision of all villages' program of the Georgian President . Baku Shipyard LLC joint venture was founded on 10 May 2011 under the laws of Republic of Azerbaijan, by the State Oil Company of Azerbaijan (SOCAR) owning 65%, Azerbaijan Investment Company (AIC) 25%, and Keppel Offshore Marine (KOM) 10%, has developed and put into operation the most modern shipbuilding and ship-repair facility in

3776-500: Was completed in March 2004. To accommodate addition oil, the Sangachal Terminal was upgraded in March 2003. After installing the Central Azeri gas pipeline, the Central Azeri platform was launched in July 2004. The platform was installed by October 2004, and production started in February 2005. The Central Azeri compression and water injection platform topsides was launched in July 2005. It injected first gas in May 2006 The West Azeri drilling modules arrived in Baku in August 2004 and

3840-502: Was created after the Bolshevik Revolution through the nationalization of the Azerbaijani oil industry. It was subordinate to different organizations in the former Soviet Union and the Azerbaijan Soviet Socialist Republic , depending on its organizations' characteristics at different times and was known as Azerneftkomite, Azerneftkombinat (later divided into the Azerneft, Azerneftzavodlar and Azerneftmashingayirma syndicates), and Azerneftchikharma syndicates, and so forth. In 1954–1959,,

3904-426: Was created on 13 September 1992 by the merger of Azerbaijan's two state oil companies, Azerineft State Concern and Azerneftkimiya Production Association according to the decree of then president Abulfaz Elchibey . In 1994, the Onshore and Offshore Oil and Gas Production Association were established as part of the State Oil Company. In 2003, the Onshore and Offshore Oil and Gas Production Association were merged to form

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3968-407: Was invited to the consortium. Negotiations resumed in 1994. The production sharing agreement (PSA) was signed by the parties on 20 September 1994 for development of the fields for 30 years. The day of the signing of PSA agreement is celebrated as The Day of Oilworkers in Azerbaijan. At the first stage, the consortium started development drilling of the Chirag field in August 1997. First oil

4032-406: Was produced in November 1997. This development stage was also known as the Early Oil Project (EOP) . Originally, produced oil was exported through the Baku–Novorossiysk pipeline . A contract on the oil transportation via Russia to the Black Sea port of Novorossiysk was signed on 18 February 1996. The oil transportation through the pipeline started on 25 October 1997. For the diversification of

4096-589: Was signed. As of 2014, SOCAR holds 11.6% of the ACG shares and 16.7% of the Shah Deniz shares. Moreover, SOCAR operates a number of onshore fields on its own which is the main source of the domestic supply.. In 2013,, 43.48 million tons (318.74 million barrels) of oil was produced in Azerbaijan, of which 8.31 million tons (60.95 million barrels) belong to SOCAR. In the same period, Azerbaijan's natural gas production reached record high of 29.46 billion cubic metre of which SOCAR shares constitute 7.14 billion cubic metre of it. On 22 December 2023, after 30 years operating in

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