In 2015 the international consortium developing a bloc of offshore fields Azeri-Chirag-Guneshli (ACG) in the Azerbaijani sector of the Caspian Sea under operatorship of BP company plans to increase production on the contract area, a source from BP told Turan’s correspondent.
BP representative said that there are two reasons for increase in production on ACG: first of all, new wells will be drilled from the new production platform Western Chirag and the previous ones will reach a maximum production level and secondly, in 2014 two main platforms – Central Azeri and Western Azeri – will be repaired and they will be used in operation. As a result of that production on the bloc of fields will go up.
In 2013 production on ACG totaled 32.5 million tons. In 2014 it is expected to go down a little.
The shares in the contract are distributed as following: ВР (operator in ACG) – 35.78%, SOCAR – 11.65%, Chevron – 11.27%, Inpex – 10.96%, Statoil – 8.56%, Exxon – 8%, ТРАО – 6.75%, Itocu – 4.3% and ONGC – 2.72%. –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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