In quarter 1, 2013 2.42 billion cub.m. of natural gas and 5 million barrels (630,000 tons) of condensate was produced on the Shah-Deniz contract area. During this period the international consortium spent $42 million to extract hydrocarbons, read materials of BP-Azerbaijan company (the project operator).
From January to March 2012 $81.5 million has been invested to extract 2 billion cub.m. of natural gas and 4.1 million barrels (500,000 tons) of condensate from the Shah-Deniz field.
The efficiency of the business operations in the Shah-Deniz project has improved during quarter 1, 2013: during this period gas and condensate production increased by 21% and 26%, respectively, but expenses for their production declined by 48.5%.
* The production of hydrocarbons in Shah-Deniz Phase-1 started in November 2006. Since that time till April 1, 2013 40 billion cub.m. of gas and 10.7 million tons of condensate has been extracted.-0-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review