The US Energy Information Administration (EIA) predicts a further decline in oil production in Azerbaijan - if last year it averaged 890 thousand, this year it is expected to be 870,000 and in 2017 - 860 thousand barrels per day.
According to the forecast published in the January short-term energy market review, from January to July 1, oil production will amount to 880 thousand and before the end of the year it will be 870,000 barrels per day.
Recall, the bulk of Azeri Light oil with a sulfur content of 0.15% is extracted from the block of offshore fields Azeri-Chirag-Guneshli (ACG).
The Contract of the Century on ACG was signed in 1994 with the primary equity participation of the operator BP at 35.78%.
According to BP, the proven oil reserves in Azerbaijan in January of last year amounted to 7 billion barrels. --17D-
Economics
-
President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
-
Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
-
Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
-
The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
Leave a review