Azerbaijan's SOCAR Upstream Announces Its Drilling Targets For 2026

2026-02-04 01:03:53

(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 4. Azerbaijan's SOCAR Upstream plans to drill 80 wells and perform more than 500 well operations this year, Drilling Manager for the Upstream Operations Department of the State Oil Company of Azerbaijan (SOCAR) Farid Umudlu said at the IADC (International Association of Drilling Contractors) Drilling Caspian 2026 conference and exhibition in Baku, Trend reports.

"About a third of our GDP is generated by the oil industry. At the center of this system is SOCAR Upstream, which employs approximately 12,000 people," he explained.

Umudlu noted that in the past, SOCAR operated with three entities that facilitated this initiative.

"The first is SOCAR headquarters, responsible for government interaction and occasionally supporting operations. The second is the Azneft Production Association, the main operator of assets within Azerbaijan. The third is SOCAR Upstream, which primarily provided expert and technical support, leveraging international experience.

Last year, we realized that operating three separate organizations simultaneously was ineffective. A strategic decision was therefore made to unite them under a single brand, SOCAR Upstream. This allowed us to consolidate all assets and become a single organization. This means a stronger structure: a single line of decision-making, one team, and a common vision. This is crucial for improving our operational efficiency and internal consistency," Umudlu mentioned.

Umudlu noted that after completing the internal transformation, the company launched external changes.

"We've begun implementing a partnership model. Previously, SOCAR didn't have direct contracts with service companies, as they operated primarily as contractors. Starting this year, we began building direct partnerships with various service companies directly through SOCAR Upstream. We're currently in the process of establishing such collaborations with both service companies and our key contractors," he added.

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