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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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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