On Monday, April 8 the State Oil Company of Azerbaijan (SOCAR) and the Norwegian state-owned Statoil will sign an agreement on key commercial principles for the future PSA contract for the development of promising fields Zafar and Mashal in the Azerbaijan sector of the Caspian Sea. Turan learned from informed sources.
Recall that in October 2004, during the drilling of the first exploration well in the framework of the contract with PSA (SOCAR -50%, Exxon Mobil - 30%, and ConocoPhillips -20%) at a depth of 7087 meters was opened a small reservoir with gas reserves of about 50 billion cubic meters.
Then the foreign participants of the project decided not to risk it and refused to drill the second exploration well, paying a fine SOCAR and closed the project. Total costs for the drilling of the first exploration well then made $ 150 million.
Azerbaijani geologists believe that the structures Zafar and Mashal contain about 300 billion cubic meters of gas. These structures are located in the deep part of the Caspian Sea, where water depths range from 450 meters to 950 meters. - 12B-
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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