From January to September 2015 BP-Azerbaijan company has extracted 23.6 million tons or 175 million barrels of oil from the Azeri-Chirag-Guneshli bloc against 24.2 million tons of 179 million barrels during the same period in 2014, reads the report of BP-Azerbaijan company for quarter 3, 2015.
According to the report, during this period oil extraction went down by 600,000 tons or by 4 million barrels.
The report reads that during this period light oil extraction totaled 640,000 barrels, down 15,700 barrels against the same period last year.
In 2014 BP-Azerbaijan company extracted 31.5 million tons of oil from the ACG bloc against 32.2 million tons a year earlier.
At the end of September 2015 oil was extracted on the ACG contract area from 88 operation wells and 42 technical wells, but a year earlier these indexes totaled 77 and 36, respectively.
During 3 quarters the operation costs within ACG totaled $570 million, while capital costs - $1.5 billion.
The shares in the contract area distributed as following: BP – 35.78%, Chevron – 11.27%, Inpex – 10.96%, SOCAR – 11.65%, Statoil – 8.55%, Exxon – 8%, ТРАО – 6.75%, Itochu – 4.3% and ONGC – 2.72%. –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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