Oil Production from ACG Decreased by 7% While Costs Increased by 31%

Energy supply is a clear demonstration that national security is closely linked to energy security, President of Azerbaijan Ilham Aliyev  stated on September 6 in Italy, during a session titled "Azerbaijan's Role in New Geopolitical Conditions" at the International Cernobbio Forum.

Azerbaijan is currently negotiating gas supplies to three more European countries, President Ilham Aliyev  said on September 6 in Italy during a session titled "Azerbaijan's Role in New Geopolitical Conditions" at the International Cernobbio Forum.

Agreements for the first projects to strengthen Azerbaijan’s energy system, which will be financed by both the World Bank and the European Bank for Reconstruction and Development (EBRD), are ready to be signed,  Azerbaijan's Minister of Finance Samir Sharifov said in an interview with the Report Agency.

Last Friday, Azerbaijan’s State Oil Company (SOCAR) and the American oilfield services company Halliburton agreed to collaborate on re-evaluating the remaining hydrocarbon potential of the shallow part of the "Guneshli" field (developed by SOCAR’s “Azneft” production association, while the deepwater part has been operated by bp since 2008).