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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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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