Drilling of the first operation well on the Absheron gas condensate field in the Azerbaijan sector of the Caspian Sea is scheduled for 2019, Eric Mayer, Total Development Manager, said at the Oil & Gas Week-2015 conference in Baku.
He said in 2017 it is planned to start drilling of the first evaluation well on the field.
“In the last quarter of 2017 we will make a final investment decision. In quarter 3, 2019 we plan to start drilling of the first operation well and the first gas from the field is planned to be extracted at the end of 2021 – early 2022,” Mayer said.
Discovery of a big gas field Absheron was announced in September 2011 after drilling of the evaluation well.
The potential resources of the field total 350 billion cub.m. of gas and 45 million tons of condensate.
The partners of the Absheron project include SOCAR with 40%, French Total – 40% and Gaz De France Suez – 20%.—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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