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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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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