On Thursday October 31, 2013 State Oil Company of Azerbaijan (SOCAR) managed to start supply of gas from the well No 90 on the Bulla Deniz field into the system.
After extinguishing of fire on October 23 in the evening, SOCAR started gas extraction from the well. There was abnormal geological pressure during the well drilling. The drilling progress totaled 5868 meters.
Owing to drilling of the exploration well No 90 SOCAR managed to discover new productive gas beds in the deep-lying bowels of the old field Bulla Deniz. It is planned to extend the period of the field development.
* On August 18 2013 at night the accident on the exploration well on the Bulla Deniz field has caused ignition. The fire was extinguished after 67 days on October 23 in the evening and the first gas was supplied into the system via the underwater infrastructure.—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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