The total volume of oil production from the Azeri-Chirag-Guneshli (ACG) fields for the entire period from the beginning of development (November 1997) to August 15, 2016 amounted to 3 billion barrels (405 million tons), according to BP-Azerbaijan.
"This is a momentous day both for BP and Azerbaijan," says the information with reference to the President of BP-Azerbaijan Gordon Birrell.
The contract to develop Azeri, Chirag and Deepwater Guneshli was signed on 20 September 1994 and entered into force on 12 December of the same year.
Participants of the project are: BP (35.78% - the operator), Chevron (11.27%), Exxon Mobil (8%), Indian ONGC (2.72%), Azerbaijan's SOCAR (11.65%), Japanese Inpex Corp. (10.96%) and ITOCHU Oil (4.3%), Norwegian Statoil (8.56%), and Turkish TPAO (6.75%).
* Extraction of oil from Chirag has been carried out from November 1997, from Central Azeri - from 13 February 2005, from Western Azeri – from 30 December 2005, from Eastern Azeri – from 21 October 2006, from Deepwater Guneshli – from the beginning of April 2008, and from Western Chirag – from January 29, 2014. -12D--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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