From November 1997 till mid-April 2015 365 million tons of oil was extracted from the bloc of offshore oil field Azeri-Chirag-Guneshli (ACG) in Azerbaijan, Academician Khoshbakht Yusifzada, SOCAR Senior Vice President, said at the session of the Presidium of the Azerbaijan National Academy of Sciences.
He said of this volume profitable oil of Azerbaijan totaled 198 million tons.
Income from profitable oil is accumulated at the State Oil Fund of Azerbaijan (SOFAZ).
A source from SOFAZ told Turan that from 2001 till April 17, 2015 $112,345,000 was transferred to SOFAZ from the ACG. In quarter 1, 2015 the incomes totaled $2,195,000,000.
From 2004 till 2014 the state budget received over $20 billion from the ACG production sharing agreement (PSA).
In his speech Academician Yusifzada said that since November 1997 the volume of associated gas extracted from ACG totaled 107 billion cub.m.
At present about 35 million cub.m. of associated gas a day is extracted on ACG, but only about 6 million cub.m. of gas is handed over to the Azerbaijani side. BP injects the remaining volume into the oil wells to maintain the bed pressure.—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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