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
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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