(MENAFN- Trend News Agency) BAKU, Azerbaijan Aug.4. Azerbaijan's state oil company SOCAR and Abu Dhabi National Oil Company ADNOC have signed a Memorandum of Understanding, trend reports via SOCAR.

The signed document envisages the participation of SOCAR in upstream projects in Abu Dhabi and the respective support by ADNOC. The parties also will explore potential areas of collaboration with respect to oil and gas investment opportunities in the third countries, as agreed by both parties and cooperate in the field of renewable energy and low-carbon solutions.

In the second quarter of the current year, SOCAR conducted drilling operations covering approximately 19,000 meters. Within this reporting period, the company achieved remarkable production figures, yielding over 1.9 million tons of oil and extracting more than 2.2 billion cubic meters of gas. Notably, gas production witnessed a notable upswing of 14.3 percent in comparison to the corresponding period last year.

Throughout the reporting period, SOCAR successfully exported over 4.6 million tons of crude oil to global markets, while also providing the Georgian market with approximately 68 million cubic meters of natural gas.

Moreover, SOCAR made significant strides in the realm of 'clean' energy by attaining a major milestone in 2022 – the complete elimination of flaring associated gas. In September 2022, SOCAR became the first company in the region to achieve this goal in the exploration and production sector, driven by operational optimization, heightened efficiency, and the implementation of cutting-edge technological solutions.

Follow the author on Twitter: @lyaman_zeyn

MENAFN04082023000187011040ID1106782614