This year gas extraction from Shah Deniz reduced insignificantly
From January to September 2014 $3,168,000,000 has been invested into development of the Shah Deniz field.
According to the report of BP-Azerbaijan company (the project operator), investments into development of the gas condensate field increased by 2.1 times against the same period last year.
During 3 quarters this year operating costs of the consortium totaled $371 million, while capital costs - $2,797,000,000.
The corrected forecast of costs of the project in 2014 is $4.32 billion, of which $435 million is planned to be spent for the operation costs and $3,885,000,000 for the capital outlays.
From January to September 2014 7.25 billion cub.m. of gas (decline by 0.7%) and 1.72 million tons of condensate (decline by 7.1%) was extracted from Shah Deniz.
From January to September 2014 average daily production totaled 26.6 million cub.m. of gas and 50,045 barrels of condensate.
During the entire period of the field operation since the end of 2006 till the end of quarter 3, 2014 a total of 55.2 billion cub.m. of gas and 14.2 million tons of condensate has been extracted.—0--
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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