BP and its partners invested $40 billion into projects in Azerbaijan
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--
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- Political Monitoring
- 6 June 2013 12:35
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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