From January to May 2016 13.5 million tons of oil (100 million barrels) has been extracted from the offshore bloc of Azeri-Chirag-Guneshli (ACG) fields operated by BP. Since beginning of extraction on the bloc in November 1997 over 399 million tons of oil has been extracted, Khoshbakht Yusifzada, SOCAR Senior Vice President, said at the Caspian Oil & Gas 2016 conference.
He added that during his period over 120 bcm of associated gas has been extracted on the contract area. “At present production totals 90 million tons of oil and 36 mcm of associated gas a day,” Yusifzada said.
He also said that currently BP extracts 30 mcm of natural gas on the Azerbaijani gas field Shah Deniz.—0—
Economics
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President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
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Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
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Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
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The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
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