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
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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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