According to the results of I quarter of 2015 from offshore fields in Azerbaijan, "the Azeri-Chirag-Gunashli (ACG)" was produced 8 million tons (59 million barrels), or an average of 661 thousand barrels per day. This is stated in the quarterly report of the company BP-Azerbaijan (operator of the ACG).
Note that in Ikvartale 2014 ACG contract area produced about 8 million tons (58 million barrels). Or an average of 645.8 thousand. Barrels per day. That is, the daily volume of production figures rose by 2.3%, while the actual production volume growth was - 1.7%.
According to the report of BP, stabilization of production has been achieved by drilling four new wells.
Turan recalls that the most productive quarter at the beginning of the year for the company BP-Azerbaijan is still considered the January-March 2010, when the average daily oil production at ACG amounted to 797.3 thousand barrels and was produced for the quarter as a whole 72 million barrels.
According to the company, as a whole, since the beginning of oil production in November 1997 and at the end of Q1 of 2015, ACG produced 2.7 billion barrels or more than 366 million tons of oil.
ACG contract signed on 20 September 1994 was approved by the Parliament of Azerbaijan on 12 December the same year. Participants of the project are: British BP (35,78% operator), US Chevron (11,27%), Exxon Mobil (8%), India's ONGC (2,72%), Azerbaijani SOCAR (11,65%), Japan Inpex Corp. (10.96%), ITOCHU Oil (4.3%), Norwegian Statoil (8,56%), and Turkish TPAO (6.75%). -12B--
Economics
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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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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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