Despite the measures taken by BP-Azerbaijan company (the project operator) to stabilize oil production from October 2012, production kept on declining on the contract area Azeri-Chirag-Guneshli (ACG).
According to the BP-Azerbaijan company’s report, during 9 months, 2013 10 operation wells were put into operation on the ACG contract area.
Three new wells were put into operation on the Chirag platform. However, despite that during this period average daily production on the platform decreased by 5,200 barrels.
Four new wells were put into operation on the biggest ACG platform Central Azeri. During this period average daily production on this platform decreased by 13,000 barrels.
BP-Azerbaijan company managed to preserve production only on the Western Azeri platform. Only one operation well was put into operation here, though average daily production dropped by only 300 barrels.
The production also declined significantly on the Eastern Azeri platform. None of the operation wells have been drilled on this platform this year. In addition, one water-injection well was put out of operation. As a result of that during this period average daily production on the platform decreased by 26,000 barrels.
The only platform, where BP-Azerbaijan company had production growth, is Deep-Water Guneshli. The company has achieved that at the expense of drilling of four additional operation wells. This is also the last production platform, from which the company started extracting oil since April 2008.
| Platforms | During 9 months, 2013 | During 9 months, 2013 |
| Chirag | 70 800 | 76 000 |
| Central Azeri | 150 700 | 163 000 |
| Western Azeri | 191 700 | 192 000 |
| Eastern Azeri | 113 000 | 139 000 |
| Deep-water Guneshli | 137 000 | 114 000 |
| Total | 663 200 | 684 000 |
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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