SOCAR's 1Q26 results: Oil exports exceed 3.5M tons

Azerbaijan's State Oil Company SOCAR has released the latest drilling, production, refining, and export figures for the first quarter of 2026.

Report informs, citing the company's data, that approximately 13,000 meters of drilling operations were completed by the company in January–March of this year.

At the fields that SOCAR operates independently or as the main shareholder, 1.67 million tons of oil and 1.85 billion cubic meters of gas were produced during the reporting period. Across the country as a whole, gas production increased by 0.4% to 12.64 billion cubic meters, while total oil production in Azerbaijan reached 6.63 million tons.

During the reporting period, the volume of oil exported by SOCAR to foreign markets amounted to 3.52 million tons. This figure includes both the volumes of oil produced by the company itself and the production of international consortia.

Natural gas consumption in Azerbaijan amounted to 4.76 billion cubic meters, while gas exports increased by 6.9% to 6.5 billion cubic meters.

In the first quarter, SOCAR refined 1.45 million tons of oil and 636 million cubic meters of gas. The volume of oil refining increased by 3.7% compared to the same period last year. In addition, more than 394,000 tons of petroleum, petrochemical, and gas chemical products manufactured at the company's enterprises in Azerbaijan were exported to foreign markets.