During six months, 2016 BP-Azerbaijan company (operator of the Azeri-Chirag Guneshli (ACG) has extracted about 16 million tons of oil from the ACG contract area, sources from SOCAR told Turan.
From January to June 2015 the international consortium led by BP has extracted only 15.7 million tons of oil or on average 641,000 barrels of oil from the Caspian Sea.
Thanks to BP-Azerbaijan’s operations, during 6 months, 2016 oil extraction in the country, which started going down since quarter 3, 2010, has been stabilized.
The oil extraction decline has been prevented by pumping big volumes of associated gas into the beds. This year BP and its partners have doubled the volume. Oil extraction is much more profitable, than providing the Azeri side with free associated gas. At the foreign markets oil is much more expensive, than gas Azerbaijani uses for its own needs. On the other hands, Azerbaijan could compensate associated gas from the ACG by saving or by upgrading the gas and electric distribution networks, which still have big technical losses.—0--
Economics
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Azerbaijani President Ilham Aliyev issued a decree on Thursday introducing amendments to several previous presidential orders concerning state administration and reconstruction services in the country’s liberated territories. These changes aim to enhance operational efficiency and clarify responsibilities for the management and restoration of these regions.
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The Ministry of Energy of Azerbaijan has begun preparations for the upcoming 11th meeting of the Southern Gas Corridor (SGC) Advisory Council and the third ministerial meeting of the Green Energy Council in Baku.
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The Cabinet of Ministers of Azerbaijan has approved a detailed list of services to be provided by the country’s Export and Investment Promotion Agency (AZPROMO), aiming to enhance support for exporters and investors in 2025. The decision was formalized under Resolution No. 11, issued on January 22, 2025.
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Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA), met with Anna Bordon, head of the International Monetary Fund (IMF) mission for Azerbaijan, the Middle East, and Central Asia, on January 23 to discuss the country’s key economic priorities. The meeting emphasized a shared commitment to addressing macroeconomic challenges, implementing sound monetary policy reforms, and ensuring financial sector stability in the medium term.
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