Volume of tank gas started going down in Azerbaijan
In January 2016 Azerbaijan extracted 2,546,800 cub.m. of gas, up 2.2% against January 2015, reads the monthly report of the Azerbaijan State Statistical Committee.
In January 2016 volume of tank gas production decreased by 10.5% and totaled 1.602 bcm.
In the past four years tank gas production went down in the country. This is most likely connected with pumping of a big volume of associated gas into the oil beds for the Azeri-Chirag-Guneshli (ACG) project.—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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