This year it is planned to extract 9.6 billion cub.m. of gas and 2.4 million tons of condensate from the Shah Deniz gas condensate field Stage 1 in the Azerbaijani sector of the Caspian Sea, a source from BP-Azerbaijan company told Turan’s correspondent.
Last year 9.8 billion cub.m. of gas and 2.48 million tons of condensate has been extracted on the Shah Deniz field.
BP-Azerbaijan reported that at present 27 million cub.m. of gas and 55,000 barrels of condensate a day is extracted on the field.
* The contract for development of Shah Deniz field was signed on June 4, 1996 in Baku and ratified by the Milli Mejlis on October 17, 1996. The Shah Deniz project partners include BP (operator with 28.8%), TPAO (19%), SOCAR (16.7%), Petronas (15.5%), LUKoil (10%) and NICO (10%).—0--
Economics
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
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In its latest Transition Report covering 2024–2025, the European Bank for Reconstruction and Development (EBRD) highly praised Azerbaijan's efforts in digital transformation and cybersecurity. The Bank noted that investments in digital networks have led to significant infrastructure improvements, including a one-third increase in internet speed over the past year.
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