SOCAR Raises Oil Output in 2014

Azeri state energy company SOCAR increased oil production to 8.4 million tonnes in 2014 from 8.3 million in 2013, and its natural gas output rose to 7.2 billion cubic metres (bcm) from 7.1 bcm, a source at the firm said.

That contrasted with national crude and condensate production, which fell 2.8 percent, the source said.

Falling output at the main Azeri, Chirag and Guneshli (ACG) oilfields, responsible for 75 percent of the country's oil and condensate production, has been a cause of concern in Baku.

British oil major BP and SOCAR tried to calm those worries in 2013, saying production had stabilised. Total oil output rose in 2013 for the first time since 2011.

SOCAR produces its own oil and gas at onshore sites as well as at the offshore Guneshli oilfield.

Azerbaijan said earlier this month that oil production fell to 41.9 million tonnes in 2014 from 43.1 million in 2013. Official gas production data has yet to be published.

Reporting by Nailia Bagirova