By the decision No 173 of the Azerbaijan Cabinet of Ministers the production sharing agreement (PSA) on the Muradkhanly, Jafarli and Zardab oil fields between State Oil Company of Azerbaijan (SOCAR) and Zenith Aran Oil Company Limited, which was signed in March 2016, has been approved.
According to the PSA, Zenith’s share in the joint operation company is 80% and another 20% is owned by SOCAR. The PSA is effective 25 years.
Total area of the bloc is 642.2 sq.km. Currently the fields produce on average 350 barrels of oil a day. The residual resources of the bloc are estimated at 1.8 million tons of oil and 36 mcm of gas. 77 wells have been operating on the bloc of fields.
The fields also produced a small amount of gas, which is used for the production.
Muradkhanly-Jafarli-Zardab bloc is located in the oil and gas region Yevlakh-Agjabedi of Azerbaijani Imishli region. Muradkhanly field, which is a part of the contract area, was discovered in 1971, Jafarli in 1984 and Zardab in 1981.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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