The SOCAR production association Azneft extracted 4 million 703.7 thousand tons of oil in January-September 2016. According to Azneft, the production of gas in January-September amounted to 4.2 bcm (the plan was fulfilled by 100.9%).
Since the beginning of 2016 Azneft has put into operation 43 new wells, resulting in additional production of 78,000 tons of oil.
Seventy-seven wells were returned from the dormant fund to the operational one in January-September and they produced additional 39,500 tons of oil.
As reported, in 2015 Azneft produced 6 million 778 thousand tons of oil and 6.1 bcm of gas.
In 2016 Azneft is supposed to produce 6.3 million tons of oil and 5.6 bcm of gas. -12D--
Economics
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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At the COP29 event titled "Climate Finance Landscape in the South Caucasus and Central Asia" held on November 14, Roland Price, Regional Director of the World Bank for the South Caucasus, highlighted the substantial economic and environmental damage faced by the countries of the South Caucasus, which she estimated at around $100 million annually.
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SOCAR Green, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), has signed a series of agreements at the COP29 summit aimed at bolstering the development of renewable energy sources, enhancing energy efficiency, and promoting sustainable growth in Azerbaijan.
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The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.
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