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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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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