During 6 months, 2012 average daily production on the Azeri-Chirag-Guneshli (ACG) totaled 684,000 barrels. The production dropped by 91,700 barrels or 11.8% against the same period last year, reads the semi-annual report of BP-Azerbaijan company (operator of ACG development) released in Baku.
According to the report, from January to June 2012 124.5 million barrels (16.8 million tons) of oil was produced on the contract area. During the same period last year the international consortium produced 140.4 million barrels of oil (19 million tons).
At present the consortium carries out production on ACG using five stationary platforms, which were installed on the sea depth between 120 and 160 meters. During 6 months, 2012 Western Azeri has become the most productive platform. In average 186,000 barrels of oil a day was produced on 13 operation wells.
During 6 months, 2012 827,600 barrels of oil a day was produced within the "Contract of the Century."-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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