Early this year BP Company, development operator of offshore bloc Azeri-Chirag-Guneshli fields, has agreed to take measures jointly with the State Oil Company of Azerbaijan (SOCAR) to prevent further decline in production of the contract area.
A government source familiar with the situation in the oil and gas industry, told Turan that after the government session on October 11, 2012 Presidents of BP Group Plc. and SOCAR had a telephone conversation to discuss forms of cooperation to prevent further production declines in the contract area.
The same source said that the Azerbaijani side has offered to solve all issues within the production framework of the sharing agreement (PSA). “At first we said that we do not want to cooperate beyond the legal framework, because this could lead to conflict of interests in the future,” he added.
According to the PSA, we can create a working group. It’s status will be a sub-committee of the Managing Committee. This week the working group, comprised of representatives from SOCAR and BP, will hold the first meeting and then work on a regular basis. The results of their work will be submitted to the next Managing Committee session, which will be attended by representatives of all companies and the Azerbaijani government.—0—
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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