From January to March 2016 Azerbaijan extracted 7.5 bcm of gas, said Azerbaijani Energy Minister Natig Aliyev at the enlarged session of the Cabinet of Ministers devoted to the socio-economic development of the country in quarter 1, 2016 on Saturday.
Minister added that the extracted volume was 197 mcm above the forecast.
According to the Azerbaijan State Statistical Committee, in quarter 1, 2015 the country extracted 7,323,600,000 cub.m. of gas. Thus, in quarter 1, 2016 gas production was up 2.4% against the same period last year.
The government forecasts that this year gas production in Azerbaijan will be over 29 bcm, while tank gas production will be slightly over 19 bcm.—0—
Economics
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Last year, Azerbaijan's exports fell sharply. In 2024, the country's exports amounted to $26.55 billion, while imports stood at $21.06 billion. The positive trade balance was $5.50 billion, according to the State Customs Committee (SCC).
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The final investment decision (FID) for the construction of the Shafag Solar Power Plant (SPP), based on a feasibility study, is expected in 2025, BP Vice President for the Caspian Region Bakhtiyar Aslanbayli told journalists on Friday.
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BP Plc plans to start gas production from the deep gas reservoirs of the Azeri-Chirag-Gunashli (ACG) block by the end of 2025, BP-Azerbaijan's head of press service, Tamam Bayatly, told reporters.
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In a strategic move to bolster innovation and technological advancement, Azerbaijan’s İRİA (Innovation and Digital Development Agency) and Israel Aerospace Industries (IAI) have signed a Memorandum of Understanding (MoU). The agreement aims to deepen economic, industrial, scientific, and technological collaboration between the two countries.
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