“At present 86,000 tons of oil a day (about 630,000 barrels) is extracted from 86 operation wells on the Azeri-Chirag-Guneshli (ACG) bloc,” said SOCAR Senior Vice President for Geology, Geophysics and Field Development Khoshbakht Yusifzada while addressing representatives of the Caspian European Club in Baku.
He said during 9 months, 2016 23.5 million tons of oil was extracted from the ACG fields, of which 15.5 million tons was profitable oil of Azerbaijan. Yusifzada added that since beginning of development in November 1997 till October 1, 2015 total volume of oil extracted from the ACG bloc reached 381 million tons, of which 208 million tons was profitable oil of Azerbaijan.
SOCAR top manager also said that geological resources of the ACG bloc are estimated at 2.2 billion tons of oil, which extractible resources – 1 million tons. “Considering that, till now only 17% of geological resources have been extracted. Till the end of 2024, which is the term of the contract expiration, 623 million tons of oil or 28% of geological resources will be extracted. In 10-15 years the production technologies will be improved and one can suppose that volume of hydrocarbons extraction will go up,” Yusifzada explained.
He added that the possibility of prolongation of the ACG contract is under consideration. We hope to complete the talks till the end of this year,” Yusifzada said.
Turan reminded that during 2014 233 million barrels of oil was extracted from the ACG, down 6 million barrels against 2013. During 6 months this index totaled 116 million barrels, down 2.8 million barrels against the same period last year. This month BP-Azerbaijan company plans to suspend production on the Chirag platform for the upgrade, which will take about three weeks. The company extracts 50,000 barrels of oil a day from the platform.
* The contract for development of Azeri, Chirag and deep-water section of Guneshli field was signed on September 20, 1994 and entered into force on December 12, 1994. The project partners include BP (35.78%), US Chevron (11.27%) and ExxonMobil (8,0006%), Indian ONGC Videsh Limited (2.72%), Japanese Inpex (10.96%) and Itochu (4.3%), SOCAR (11.65%), Norwegian Statoil (8.56%) and Turkish TPAO (6.75%). –0--
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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