At yesterday’s session devoted to discussion of last year’s results Dashgyn Iskandarov, General Director of Azneft company, has instructed to restore extraction of hydrocarbons on the offshore platform No 10, where was burning from December 4, 2015 till February 10, 2016, by the end of this year.
Press office of State Oil Company of Azerbaijan (SOCAR) reported that repair and launching of the wells on the offshore platform No 10 is planned to be completed till the end of the year.
However, at the Petroleum Weekly international conference in London on February 10, 2016 SOCAR President told journalists that the repair works on the platform No 10 are planned to be completed by the end of May.
Balamirza Agaragimov, Deputy General Director, senior engineer of Azneft, spoke about works done in the oil and gas production field in 2015 and the goals set to stabilize production and introduce new technologies. Azneft’s last year economic indexes have been also discussed at the meeting.
Turan reminds that Azneft has not released its last year’s production indexes yet and its plans for this year are unknown. SOCAR President told journalists that in 2016 oil production is expected to decline by 500,000-600,000 tons.
1000 tons of oil and over 1 mcm of natural gas a day was extracted on the platform No 10 located on the shallow section of Guneshli field.
According to SOCAR’s audited report, in 2014 Azneft extracted 6,871,100 tons of oil (growth by 9,100 tons) and 6,399 bcm of gas (decline by 173.9 mcm).-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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