From January to September 2013 24.5 million tons of oil or 181 million barrels of oil was extracted on the ACG contract area. Oil production dropped by 0.8 million tons or by 6.4 million barrels, by 3.4% against the same period last year, reads the quarter 3, 2013 report released by BP-Azerbaijan company.
According to the company’s report, during this period average daily production on ACG totaled 663,200 barrels, down 20,800 barrels against the same period last year.
By October 1, 2013 the ACG contract area had a total of 105 wells, of which 72 ones operation and 33 technical wells. A year ago the ACG had 94 wells – 62 operation and 32 technical ones.
According to Turan, at present average daily production on ACG totals about 650,000 barrels a day.—0—
Economics
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On December 10, President Ilham Aliyev of Azerbaijan has signed a decree amending the 2014 presidential order on the management of the Shah Deniz Phase 2 gas-condensate field and Southern Gas Corridor (SGC) projects, granting the State Oil Company of Azerbaijan (SOCAR) expanded control to ensure financial consolidation.
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In the period from January to November 2024, Azerbaijan's exports not related to oil and gas increased by 1.9% compared to the same period in 2023, reaching a total value of $3.1 billion. This growth, noted in the latest "Export Survey" published by the Center for Analysis and Communication of Economic Reforms, reflects the country's diverse and expanding export portfolio.
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In a significant step towards fostering cashless transactions, Azerbaijan has extended its innovative "Return VAT" program to include real estate purchases. Between January and November 2024, citizens recovered 160.3 million manat through the program, marking a notable milestone in the government’s efforts to promote digital payments and enhance consumer benefits.
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Entrepreneurs operating in markets across Azerbaijan will be required to register for taxation. Failure to do so will result in a financial penalty of 2,000 manat for each unregistered entrepreneur, imposed on market owners or administrators. This requirement is included in proposed amendments to the Tax Code, set to be discussed in Parliament.
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