This year Azerbaijan plans to extract about 41 million tons of oil and over 30 billion cub.m. of gas, said SOCAR Vice President.
This year Azerbaijan plans to extract 40.7 million tons of oil and condensate. The volume of extracted gas is forecast to be 30.2 billion cub.m. (considering volume of technical gas, which is injected into the oil wells to maintain bed pressure), Rakhman Gurbanov, SOCAR Vice President for Production and Transportation, told journalists.
He said in 2014 oil production in Azerbaijan totaled 42 million tons and gas production – 29.6 billion cub.m.
Gurbanov added that in 2015 SOCAR plans to extract 8.3 million tons of oil and 6.5 billion cub.m. of gas.
In 2014 SOCAR extracted 8.3 million tons of oil and 7.2 billion cub.m. of gas.
Of total volume of oil, which the company will extract this year 6.5 million tons will be refined and 1.7 million tons exported.
Of total volume of gas extracted in 2015 by SOCAR 4.85 billion cub.m. will be provided to Azerenerji and 1.2 billion cub.m. exported to Georgia. In 2014 SOCAR provided 5.3 billion cub.m. of gas to the oilmen, Gurbanov said. But the volume of export to Georgia will remain unchanged.—0--
Economics
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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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