In 2015 it is forecast to extract 30.3 million tons of oil from the Azeri-Chirag-Guneshli (ACG) bloc (operated by BP), Rakhman Gurbanov, State Oil Company of Azerbaijan (SOCAR) Vice President for Production and Transportation, said at the Caspian Oil & Gas 2015 conference.
He said in 2014 31.4 million tons of oil was extracted from the ACG bloc. According to the official report of BP-Azerbaijan company, in 2014 31.5 million tons of oil was extracted on ACG, down 700,000 tons against 2013.
* The peak of oil production on the ACG was registered in 2010 – that time 40.2 million tons of oil was extracted.—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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