Azerbaijani geologists have increased their oil and gas resources in Azeri-Chirag-Guneshli project.
Khoshbakht Yusifzada, SOCAR Senior Vice President, said at the international conference “New Technologies in Oil and Gas Production” that total oil resources on ACG contract area reach 1 billion tons and gas – 350 billion cub.m.
SOCAR geologists believed earlier that ACG contains 923 billion tons and gas – 250 billion cub.m.
Yusifzada also said that the forecasted hydrocarbon resources in Azerbaijan are estimated at 10 tons of conditional fuel. He said the proved oil resources in the country total 2 billion tons, gas – 2.55 trillion cub.m. and forecasted – 2 billion tons of oil and 3.45 trillion cub.m of gas..—0—
Economics
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The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
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