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 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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