From January to July 2016 Azneft, SOCAR’s production company, has extracted 3,663,900 tons of oil. The company said it has fulfilled the plan.
Since early 2016 32 new wells have been put into operation by Azneft’s order, as a result of which additional 43,800 tons of oil has been extracted. From January to July 2016 67 wells have been converted from inactive to active ones and additional 25,300 tons of oil has been extracted.
During this period gas extraction by the company totaled 3.3 bcm (the plan has been overfulfilled by 103.1%).
In 2015 Azneft extracted 6,778,000 tons of oil and 6.1 bcm of gas. In 2016 the company forecasts to extract 6.3 million tons of oil and 5.6 bcm of gas.
During 2016 Azneft will be ahead of its forecast of hydrocarbon extraction.—0—
Economics
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The State Oil Company of Azerbaijan (SOCAR) and Italy's Eni S.p.A. have signed a Memorandum of Understanding (MoU) focused on energy transition. Azerbaijani Economy Minister Mikail Jabbarov announced the agreement on his account on the social network "X".
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Azerbaijani Economy Minister Mikail Jabbarov met on July 29 with Ali Kibar, Chairman of Turkish conglomerate Kibar Holding, to discuss strengthening bilateral cooperation, boosting investment in industrial production, and supporting partnerships in the energy sector.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved the application form specified in Article 30.1 of the Competition Code. This decision aims to align with the President’s decree No. 1051-VIQ dated December 2, 2023, and address regulatory requirements related to the implementation of the Competition Code.
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Azerbaijani President Ilham Aliyev has issued a decree amending the Land Code of the Republic of Azerbaijan, effective January 2025. The legislative adjustments aim to refine the management and use of agricultural land and enhance regulatory processes.
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