This year the administration of Total E&P Azerbaijan company, which is in charge of exploration and development of the gas condensate field Absheron, stated that the first gas is planned to be extracted on the contract area in 2020.
At the “Oil and Gas Week 2013” in Baku Christian Gudiselli, General Manager Total, said the first gas will be extracted from the well at the end of 2020. He said at the first stage it is planned to extract 3-5 billion cub.m. of gas a year.
Total General Manager is aware that the first gas from the Shah-Deniz Phase 2 will be exported to Europe no earlier than 2019. Almost a year and a half – till the end of 2020 – is needed to achieve the planned production. Will the shareholders of SCP, TANAP and TAP make a decision to expand the gas pipelines right after that? Of course not. The pipelines will not be expanded earlier than 2024. The conclusion is that extraction on the Absheron field cannot commence before that, because one cannot export the extracted gas via the alternative routes.—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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