Gas production up, oil down for SOCAR

BAKU, Azerbaijan, Sept. 11 (UPI) -- The pace of oil refining in Azerbaijan declined compared with 2008, while production of liquefied gas extraction increased, the state energy company reported.

The State Oil Co. of Azerbaijan Republic reports its monthly production for August was down 3 percent to around 3.6 million barrels. That production level, however, is more than 16 percent lower than December totals, the Azerbaijan Business Center reports.

SOCAR reports its liquefied gas extraction, however, rose in August by 17 percent to slightly more than 101,000 metric tons compared with July levels. SOCAR states further that August was a record month in terms of gas production.

The U.S. Energy Information Agency states crude oil reserve estimates for Azerbaijan range between 7 billion and 13 billion barrels. Gas reserves, meanwhile, are estimated to reach 500 trillion cubic feet as production from the offshore Shah Deniz field expands.