During 6 months, 2014 total drilling progress of drilling subdivisions of State Oil Company of Azerbaijan totaled 72,013 meters. The drilling progress declined by 13.5% against the same period last year.
SOCAR press office reported that share of the exploration drilling totaled 1,628 meters (declined by 68.9%) and the operation drilling – 70,502 meters (declined by 9.7%).
In June 2014 the drilling companies have drilled 9,908 meters, of which 9,875 meters fell to the operation drilling and 33 meters – to the exploration drilling.
During 2013 the volume of drilling by SOCAR totaled 142,656 meters, of which 135,665 meters fell to the operation drilling and 6,991 meters to the exploration drilling.
Since the second half of last year SOCAR focused on the operation drilling. According to the program of production stabilization, in 2015-2016 SOCAR plans to drill almost 230 operation wells. According to official information of SOCAR, this year two wells a week are put into operation.
Thanks to that from January to May 2014 SOCAR has extracted 3.51 million tons of oil. The production increased by 50,000 tons or 365,000 barrels against the same period last year.--0-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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