Azerbaijan fails to stabilize oil production
In quarter 1, 2013 Azerbaijan extracted 10.8 million tons of oil and condensate and 4.4 billion cub.m. of tank gas. According to the Azerbaijan State Statistical Committee, the oil production decline constituted 4.6%, while gas production decline - 4.8% against the same period last year.
According to the Committee, during this period the growth of industrial production in the non-oil sector constituted 2.9%, while decline in the oil industry is equal to 2.9%.
From January to March 2013 75% of the total volume of production fell to the extracting industry, 18.4% on the refining industry, 6.1% on the production and distribution of power, gas and steam and 0.5% - on the water supply, cleaning and refining of wasts.
Earlier the officials repeatedly said the oil production will be stabilized in Azerbaijan, but the figures show that the production decline, which started in quarter 3, 2010, continues.
* According to the government's forecast, in 2013 Azerbaijan plans to produce 43.2 million tons of oil and 17.5 billion cub.m. of tank gas.-0-
-
- Economics
- 17 April 2013 14:51
Economics
-
Turkey is in talks with the United States seeking an exemption from sanctions imposed on Russia’s Gazprombank, a key financial institution for energy transactions, to maintain gas payments to Russia, Energy Minister Alparslan Bayraktar said on Tuesday.
-
Kazakhstan is charting an ambitious course to transform its oil export infrastructure, aiming to increase annual shipments via the Baku-Tbilisi-Ceyhan (BTC) pipeline by more than thirteenfold—from the current 1.5 million tons to an estimated 20 million tons. The bold strategy, presented by Energy Minister Almasadam Satkaliyev during a parliamentary session, underscores Kazakhstan’s intent to become a major player in the energy supply chain stretching from Central Asia to Europe.
-
Two new vice presidents have been appointed at BP's Azerbaijan, Georgia, and Turkey (AGT) region division, according to a press release from BP-Azerbaijan.
-
Data on Azerbaijan's oil exports for January-October 2024 reveals a significant drop in both volume and value compared to the same period last year, highlighting the challenges facing the oil-dependent economy. The country exported 495,484.05 tons of oil products worth $309.02 million, a decrease of 40.3% in value and 40.7% in volume compared to 2023, when exports totaled 925,225.07 tons worth $572.21 million.
Leave a review