During quarter 1, 2014 Azerbaijan extracted 10,562,000 tons of oil, up 2.5% against the same period in 2013, said Azerbaijan Energy Minister Natig Aliyev at the session of the Cabinet of Ministers.
He said during this period the republic has extracted 7,677,000,000 cub.m. of tank gas, up 557,000,000 cub.m. or 7.8% against the same period in 2013.
He said during this period oil production from the bloc of Azeri-Chirag-Guneshli (ACG) fields totaled 7,908,000 tons, up 214,000 tons against the plan.
“Oil production on the Western Chirag platform started in January 2014. The platform is able to produce 25,000 tons of oil and 8 million cub.m. of gas a day. Every year the platform will extract 8.2 million tons of oil and 2.8 billion cub.m. of gas,” Aliyev added.
Despite optimistic report of the Energy Minister, the production is going to decline significantly on ACG after launching of the Western Chirag platform. There are objective reasons for that – the production on two big production platforms will be suspended this year for repair.—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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