![In quarter 1, 2015 oil production in Azerbaijan decreased by 200,000 tons](https://turan.az/resized/750/500/resize/media/2015/main/042700113991.jpg)
In quarter 1, 2015 oil production in Azerbaijan decreased by 200,000 tons
In quarter 1, 2015 State Oil Company of Azerbaijan (SOCAR) extracted 2,071,400 tons of oil.
SOCAR’s web site reads that from January to March 2014 SOCAR extracted 2,108,700 tons of oil. During quarter 1, 2015 SOCAR’s oil extraction decreased by 37,300 tons or by 1.8%.
In March 2015 SOCAR extracted 717,200 tons of oil against 741,600 tons in March 2014.
According to SOCAR’s calculations, during quarter 1, 2015 Azerbaijan extracted 10,682,700 tons of oil. Oil production in the country decreased by 201,500 tons or by 1.85% against January-March 2014.
According to the Azerbaijan State Statistical Committee, during quarter 1, 2015 the country extracted 10,669,100 tons of oil (growth by 1.4%). The production of stock tank oil totaled 10,545,100 tons (growth by 1.8%).
The difference between the calculations done by SOCAR and the State Statistical Committee is significant. What is the reason? Last year Turan’s correspondent brought up the issue of difference between the reports of BP and State Statistical Committee at the presentation of the BP World Statistical Review. That time BP’s senios economist explained that BP’s report is based on the international standards accepted in the West, while the State Statistical Comittee still uses the Soviet standards, such as GOST. However, the difference, especially calculation of volume of natural gas, is striking. BP’s representative added that SOCAR’s data calculation is also based on the international standards.
The situation is paradoxical indeed: two big companies are involved in production in the country – BP-Azerbaijan s and SOCAR. They use one and the same method of statistics, while the State Statistical Committe uses a diffreent one. More than 20 years now we have all western technologies in the oil industry, but the government still uses the Soviet statistics.
In 2014 total oil production in Azerbaijan reached 41.9 million tons, of which 8,402,500 tons was extracted by SOCAR.—0—
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review