This year oil and condensate production in Azerbaijan will be below the government’s forecast.
According to the Caspian Barrel Centre for Oil Studies, in 2016 the government forecast to extract 40.7 million tons of liquid hydrocarbons. During 2015 the country extracted 46.9 million tons of oil and condensate.
Analysts of Caspian Barrel believe that this year oil production on the offshore bloc of fields Azeri-Chirag-Guneshli (ACG) will go down by 1 million tons. In 2014 the production decline on this bloc totaled 700,000 tons, last year it dropped to about 500,000 tons.
This year SOCAR expects decline of oil production to at least 500,000 tons. The main reasons will be fire and its extinguishing on the platform No 10 on the Guneshli field.
As a whole oil production in the country will drop to 40.2 million tons.—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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