In 2014-2015 Azneft, production company of State Oil Company of Azerbaijan (SOCAR), plans to drill 102 new wells on the fields developed by Absheronneft oil and gas production company.
From January to August 2013 15 new wells have been drilled on the fields developed by Absheronneft oil and gas production company (Banka Darvina, Pirallahi island, Banka Apsheronskaya, Western Apsheron and Gurgany-Deniz), where 7,740 tons of oil and condensate has been extracted.
During 6 months, 2013 Absheronneft extracted 117,065 tons of oil from all the wells, up 15.6% against the same period last year.—0--
Economics
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The market for vegetable and animal fats in Azerbaijan is largely shaped by a structural dependence on imports, as domestic production remains insufficient to meet the country's growing consumption needs. This dependency is underscored by several economic factors, including limited agricultural production and a lack of processing facilities, leaving the sector ill-prepared to reduce reliance on foreign supplies.
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The INMerge Ventures venture capital fund has been established in Azerbaijan, aimed at boosting the development of the country’s innovative and startup ecosystems, officials announced on Tuesday.
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Azerbaijan is set to roll out a comprehensive digital economy development strategy in 2025, aimed at transforming the country's economy through human capital development, innovation, and the digitalization of business processes, an official announced on Tuesday.
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Issues related to the development of the energy sector through digital innovations were the subject of negotiations between Rovshan Najaf, President of SOCAR, and Seita Hagihara, President and Vice President of Yokogawa Electric Corporation, a leading Japanese multinational company specializing in electrical engineering and industrial automation.
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