2016 April 27 (Wednesday) 10:50:20
Since beginning of the Azeri-Chirag-Guneshli (ACG) offshore bloc development in November 1997 till April 1, 2016 BP and its partners have extracted 393 million tons of oil on the contract area, said Khoshbakht Yusifzada, SOCAR’s Senior Vice President.
He added that from this volume 218 million tons was Azerbaijan’s profitable oil. “During this period 118 bcm of associated gas has been also extracted on the ACG bloc,” Yusifzada added.
He said 90,000 tons of oil and 36 mcm of associated gas a day is extracted on the ACG contract area.
“During quarter, 1, 2016 8 million tons of oil (during quarter 1, 2015 8 million tons or 59 million barrels of oil, Turan), of which 66% or 5.3 million tons is Azerbaijan’s profitable oil,” said SOCAR’s Vice President.
State Oil Fund of Azerbaijan (SOFAZ) has recently released the report about results of the ACG project in quarter 1, 2016. According to the report, from January to March 2016 SOFAZ received $1,137,000,000 received from the ACG. The estimates show that Azerbaijan’s profitable oil cost $29,08 per barrel (after deduction of operation, capital and transportation costs).—0—
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review