Industry news
The energy industry in Azerbaijan
Azerbaijan is the 24th largest oil producer in the world with the industry led by the state-owned State Oil Company of the Azerbaijan Republic (SOCAR) in partnership with major international oil companies, such as BP, who recently approved $6 billion in development. This will include a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to achieve first production in 2023 and produce up to 300 million barrels over its lifetime. The country also has a presence in the mining sector with a range of metals including zinc, iron, lead and aluminium being produced.
