SOCAR and UGE-Lancer PTI from Germany signed the PSA on June 3, 2010. The fields are in Absheron. They cover 16.14 km2. The contract will be performed in 25 years, which could be prolonged by 5 at the end. The shares belong to Lancer (75%) and SOCAR (25%). Lancer is the operator.
Balakhani-Sabunchu-Ramana has been developed since 1871. Overall 9,549 wells have been drilled and 271 million tons of oil has been extracted there. The remaining recoverable resource is presumably 7.3 million tons. The output was 208,200 tons in 2009. Overall 1,124 wells are operated, while 328 are inactive.
Kurdakhani was explored from 1914 to 1947. Overall 59 wells were drilled and 198,000 tons of oil was extracted there by January 1, 2010. The remaining recoverable resource is presumably 205,000 tons.
The operator will presumably start its contractual work in October. --14B--
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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