Last Friday the Managing Committee of the Azerbaijan International Operation Company (AIOC), which is involved in development of Azeri-Chirag-Guneshli (ACG) offshore fields development (operated by BP), had a session in Baku, Rovnag Abdullayev, President of State Oil Company of Azerbaijan (SOCAR), said.
He said results of the AIOC activities in 2013 were discussed at the session. “We are satisfied with the AIOC activities last year: at first – we had success in the production area (it was stabilized) and secondly, Chirag Oil Project was successfully completed,” said SOCAR President.
Abdullayev also added that at the session the sides have considered the AIOC’s goals for this year.
BP-Azerbaijan President Gordon Birrell said earlier that during 2013 ACG extracted 32.5 million tons of oil. Production of the first oil within the framework of Chirag Oil Project started on January 28, 2013. This year we expect to extract additional 3 million tons of oil from this project. However, production on ACG will go down, because extraction will be completely suspended on Central Azeri and Western Azeri platforms for several weeks for repair.—0-
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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