SOCAR hopes to complete repair of the platform No 10 on the shallow section of the Guneshli field till the end of May, SOCAR President Rovnag Abdullayev told journalists at the IP Week.
“Right after extinguishing of the fire on the last well, we will start repair of the platform. We will need 3-4 months to repair the wells. We plan to bring the field into order till the end of May. 1.3 mcm and 1,000 tons of oil was produced there,” he said.
However, SOCAR’s President said that this year the company expects oil production to drop by 500,000-600,000 tons against last year.
The ignition on the offshore platform No 10 on the Guneshli field on December 4, 2015 has led to failure of the gas line. The fire on the gas wells was fully extinguished only after 68 days – on February 10, 2016 at 7.54 p.m. local time.—0—
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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