From January to November 2015 Azneft company (SOCAR’s company for oil and gas extraction) has extracted 6,308,000 tons of oil, reported SOCAR. During this period Azneft has fulfilled 101.2% of gas production plan.
During 11 months, 2015 gas production totaled 5.6 billion cub.m. (the plan fulfillment constituted 108.2%).
During this period the company has brought back 92 wells from the inactive fund, from which 53,100 tons of oil has been extracted.
During 11 months, 2015 the company has done the works, at the expense of which additional 51,200 tons of oil has been extracted.
From January to November the geological works have been done on the wells, which have helped to extract additional 277,800 tons of oil.
During this period the company has put into operation 66 new wells, from which 190,800 tons of oil has been extracted.
* In 2014 Azneft extracted 6,817,069 tons of oil and 6,399,273,000 cub.m. of gas.—0—
Economics
-
Azerbaijan's foreign direct investment (FDI) portfolio for the first half of the year continued to be dominated by the oil and gas sector, which attracted 80.4% of the total FDI inflow of $3 billion, according to the Central Bank of Azerbaijan. This reflects a persistent trend of reliance on energy resources, as the country plays a critical role as a key energy producer in the region.
-
A Baku seminar titled "Green Building Initiative in Azerbaijan," held on September 12, spotlighted the country’s increasing focus on sustainable construction. Organized by the State Committee for Urban Planning and Architecture, in collaboration with the International Finance Corporation (IFC), the event brought together key stakeholders from both the public and private sectors, reflecting a growing national commitment to environmentally conscious building practices.
-
The Central Bank of Azerbaijan (CBA) today held a briefing on the financial results for the first half of 2024, shedding light on the country’s economic health and key indicators influencing its external balance. Samir Nasirov, Director of the CBA Statistics Department, outlined the current account surplus, foreign investments, and other critical metrics during the event.
-
On September 11, 2024, Azerbaijan's Economic Council, chaired by Prime Minister Ali Asadov, convened to review the draft state and consolidated budgets for 2025-2028. The meeting, dedicated to key financial and economic issues, addressed global economic trends, macroeconomic forecasts for 2024-2028, and the country’s budget policy for the coming years.
Leave a review