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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Azerbaijan Caspian Shipping Company (ASCO) has resumed regular cargo and passenger transportation after severe weather conditions disrupted operations in the Caspian Sea, the company said on Monday.
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Azerbaijan can overcome the so-called "middle-income trap" by increasing investments, improving the investment environment, and enhancing knowledge and skills, Deputy Minister of Economy Samad Bashirli said in Baku at the presentation of the World Bank’s Global Report World Development Report – 2024 (WDR).
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Countries in Europe and Central Asia must not only attract investment but also actively adapt and disseminate technology to ensure sustainable economic growth, according to Ivailo Izvorski, Chief Economist for the region at the World Bank. Speaking at the presentation of the World Development Report 2024, Izvorski highlighted structural issues that are slowing down private sector development.
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Azerbaijan is now among 54 middle-income countries, said Shahmar Movsumov, Head of the Department for Economic Affairs and Innovative Development Policy at the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku.
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