During two years LUKoil extracted 2.2 million tons of oil on the Yurii Korchagin field on the Caspian shelf. Alexander Khodayev, Deputy General Director for Public Relations of LUKoil-Nizhnevolzhskneft company, told ITAR-TACC today that the volume of production on this field constantly grows.
“The company continues increasing production, drills new wells and continues drilling. At present it extracts about 4,000 tons of oil and this is not the limit,” Khodayev added.
He said that development of the second field in the Caspian Sea – Vladimir Filanovsky – is at its active stage. It is considered among the biggest on the north of the Caspian Sea. The oil production here will reach 6 million tons a year. The field is planned to be put into operation in 2015-2016.
“The foundation of sleet proof platform, residential module and the riser bloc has been already installed on the field. The fourth foundation of the central platform will be launched soon. The upper facilities will be installed on the platform in 2014,” Khodayev added. LUKoil has 8 fields on the north of the Caspian Sea.—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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