BP resumed gas extraction from the emergency well on Shah-Deniz field
BP-Azerbaijan company has resumed gas extraction on the emergency well on the Shah-Deniz field, a source from BP-Azerbaijan told Turan.
The company's representative said that the extraction started on December 11 at 12.00 p.m. and about two days was needed to resume gas extraction up to the previous volume of 4-5 million cub.m. a day.
The company said that 24 million cub.m. of gas was extracted on Shah-Deniz field on December 10, 2012.
There was an accident on the well No 2 on the production platform at the Shah-Deniz gas condensate field on November 22, 2012.-0-
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- Photo sessions
- 12 December 2012 10:19
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- Economics
- 12 December 2012 10:54
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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