Under its base rating case, Fitch expects SOCAR's oil production to decline and its gas production to increase moderately in 2013-2015. The oil production decline follows the depletion of existing brownfields in Azerbaijan, SOCAR's only upstream region.
At the same time, the agency forecasts that the main production gains will be achieved in natural gas from Azerbaijan's production-sharing agreements (PSAs), in particular the Stage 2 of Shah Deniz gas PSA, in which SOCAR has a 10% stake and which expects to increase its production by 16 bcm of gas and 4m tons of gas condensate from 2017.-0--
Economics
-
Georgian Prime Minister Irakli Kobakhidze announced that Georgia will present its updated Nationally Determined Contribution (NDC 3.0) by 2025, signaling the country’s renewed climate ambitions during his speech at the COP29 summit in Baku on Wednesday.
-
Croatian Prime Minister Andrej Plenković announced enhanced efforts by Croatia to protect the Adriatic Sea and advance renewable energy projects during his address at the COP29 summit in Baku on Wednesday.
-
Italian Prime Minister Giorgia Meloni on Wednesday called for collective action to limit global warming to 1.5 degrees Celsius during her address at the COP29 summit in Baku, emphasizing the need for a united response to the climate crisis.
-
Greek Prime Minister Kyriakos Mitsotakis on Wednesday urged European leaders to pursue a "smart green deal" at the COP29 summit in Baku, advocating for a balanced approach to the energy transition that takes into account both environmental and economic realities.
Leave a review