From January to August 2012 SOCAR extracted 5,494,000 tons, down by 2.5% against the same period last year.
According to SOCAR, in January they extracted 706,638 tons of oil, in February - 660,942 tons, in March - 660,900 tons, in April - 684,300 tons, in May - 700,900 tons, in June - 678,500 tons, in July - 700,900 tons and in August - 701,800 tons.
From January to August 2012 oil and gas producing companies of SOCAR extracted 4,567,000,000 cub.m. of gas, increased by 18.29 million cub.m. or by 0.4% against the same period last year.
In August 2012 SOCAR extracted 572.3 million cub.m. of gas.
According to the forecasts, in 2012 Azerbaijan will extract 28.8 billion cub.m. of gas. Of this volume 8 billion cub.m. will be gas from the offshore gas condensate field Shah-Deniz, 13.1 billion cub.m. associated gas from Azeri-Chirag-Guneshli fields and 7.18 billion cub.m. will fall to SOCAR.-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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