SOCAR names cost of a barrel of its oil

The cost of extracting a barrel of oil costs $20 for SOCAR, the SOCAR vice president on investments and marketing Elshad Nasirov said.

"Oil produced in Azerbaijan from onshore and offshore fields, which is why the volume of production is also different. The development of outdated onshore fields requires more resources than the development of new offshore fields. The average oil production price of SOCAR is $20 a barrel," Trend cites him as saying.