Production at the ACG falls, costs rise
During 6 months, 2013 122 million barrels or 16.4 million tons of oil was extracted on the Azeri-Chirag-Guneshli (ACG) field. During this period average daily production on the contract area totaled 672,000 barrels, reads the report of the international consortium (operated by BP).
From January to June 2012 124.5 million barrels or 16.8 million tons of oil was extracted on ACG. That time average daily production totaled 684,000 barrels. Considering that, during 6 months, 2013 oil production on ACG dropped by 2.4% or by 12,000 barrels a day.
But during 6 months $1,705,000,000 has been spent in the Azeri-Chirag-Guneshli project. Investments into ACG increased by $149.6 million against the same period in 2012.
During 6 months, 2013 the international consortium spent $374 million for the operation costs and $1,331,000,000 for the capital costs.
From January to June 2013 production on ACG decreased by 2.4%, while costs increased. This shows that after the production peak, which fell to 2010, the cost of production gradually grows.
Official Baku does not react to this trend, although a year ago, President Ilham Aliyev publicly declared BP guilty of this. Aliyev even named the amount of damage - 8 billion, but in all subsequent events the statements were disavowed, and the relationship was announced significantly good. -12B -
Economics
-
The Green Climate Fund (GCF), an operating entity of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) and the body responsible for implementing the Paris Agreement, has included Azerbaijan for the first time in its list of countries eligible for funding.
-
The International Telecommunication Union (ITU), the Permanent Mission of the Republic of Azerbaijan to the UN Office in Geneva and the Ministry of Digital Development and Transport organized for the heads of about 30 diplomatic missions accredited in Geneva a special briefing on the initiative "Green Digital Action", which will be presented during COP29 in November in Baku, the Ministry of Digital Development and Transport of Azerbaijan reported.
-
As a member of the International Renewable Energy Agency (IRENA) Council, Azerbaijan participated in the 28th meeting of this Council in Abu Dhabi (UAE).
-
Azerbaijan’s imports of animal and vegetable fats and oils climbed 23.9% by weight and 16.2% by value from January to September 2024, official data revealed. Despite the uptick in volume, the import cost of these products saw a decrease compared to the same period last year, with the cost per ton of vegetable oil falling by 6.1% to $1,199.6 in 2024, down from $1,278.6 in 2023.
Leave a review