Foreign companies, including ExxonMobil and Total, are interested in development of shale oil fields in Azerbaijan, said Khoshbakht Yusifzada, SOCAR Senior Vice President for Geology, Geophysics and Fields Development.
“High oil prices provoked interest in development of alternatives hydrocarbon resources, including natural bitumen and shale oil. Azerbaijan has almost 50 shale oil fields in Gobustan district, near Kura river and other regions of the country. ExxonMobil and Total companies are interested in their development,” he said.
Yusifzada expressed hope that application of modern technologies will make development of such fields more efficient.
In July 2011 SOCAR signed the agreement on exploration of the ground territory of Azerbaijan with ConocoPhillips Exploration Azerbaijan Ltd.
The first shale oil fields were discovered in Azerbaijan in the mid-1950s.—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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