The drilling trust of State Oil Company of Azerbaijan (SOCAR) has started drilling of a new well on the onshore field Jindahar-Zarat on the west of the country on the border with Georgia.
SOCAR reported that the depth of the well No 1838 is 1250 meters. The wells will be drilled to the productive bed Maikop.
The works have been ordered by Siyazanneft oil and gas producing company. According to the geologists’ forecasts, the expected daily production rate of the well is 4-5 tons of oil.
Jandahar-Zarat field is located about 80 km northwest of Baku, where Siyazan-Nardaran, Sadan, Amirkhanly and Zagly-Zeyva fields are located. The commercial development of the fields started in the 1940s.—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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