Investments into the all BP projects in Azerbaijan totaled $40 billion, Gordon Birrel , President BP-Azerbaijan, said at the 20th Caspian Oil & Gas-2013 international conference.
"Investments of BP and all its partners into the projects in Azerbaijan exceeded $40 billion. We have created a reliable and safe system of oil and gas pipelines," he added.
He said that 42 billion cub.m. of gas and 88 million barrels of condensate has been extracted since the Shah-Deniz field development.
"During the Shah-Deniz Phase-1 project we have achieved the highest stable annual production rate. Daily gas production rate on the field is 27 million cub.m. of gas and 55,000 barrels of condensate," he added.
Speaking about the Shah-Deniz Phase-2 development, Birrel said that special underwater production technology will be first time applied in the Caspian Sea during implementation of this project.-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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