Total’s gas find raises hopes for Nabucco pipeline: Oil Price

Total’s gas find raises hopes for Nabucco pipeline: Oil Price The recent discovery by French energy giant Total of a major gas field in Azerbaijan’s sector of the Caspian Sea may soon allow the Nabucco natural gas pipeline, previously “relegated to the sphere of necromancy”, to become a reality, oil market news website Oil Price reported.   The Absheron structure, announced by Total last Friday, holds projected reserves of 350 billion cubic meters of gas and 45... Read More

Decline in Oil Sector in Azerbaijan

Decline in Oil Sector in Azerbaijan Oil production dropped 7,6 %, oil export decreased 27,1 % Azerbaijan’s oil production decreased 7.6 %  in the first eight months of 2011 compared to the same period of last year CESD sources at the State Statistic Committee mentioned. In January-August 2010, the resource-rich South Caucasus republic produced 34.3 million tons of oil and 11.3 billion cubic meters of gas. Meanwhile, sources in the State Oil Company (SOCAR) said that the company... Read More

Azerbaijan Civil Society Leaders Discussed Eastern Partnership Platforms

Azerbaijan Civil Society Leaders Discussed Eastern Partnership Platforms “Democratic reforms can not be held without the involvement of civil society. The Euroepan Union is ready to support these reforms,” said thePolish Ambassador to Azerbaijan, Michal Labenda, in a conference in Baku today. Today’s conference was aiming to draft proposals for  the“Eastern Partnership” Civil Society  Forum that will be held within the frame of 2nd summit of the “Eastern Partnership”... Read More

Battle over Caspian Gas

Battle over Caspian Gas Azerbaijan hesitates to make a final decision on Nabucco because of Russian pressure Azerbaijan is an open transit state, head of the state energy firm Socar has said after the European Union’s decision on Monday to open talks with Turkmenistan and Azerbaijan on the planned trans-Caspian pipeline that will ship Turkmen natural gas across the Caspian Sea to Europe. “The trans-Caspian pipeline is not our project, but one between Turkmenistan and the... Read More

Discovering of New Gas Field in Azerbaijan; New Dimension for Regional Energy Policy?

Discovering of New Gas Field in Azerbaijan; New Dimension for Regional Energy Policy?     French energy company Total has recently announced a significant discovery of natural gas off the coast of Azerbaijan, at the Absheron field.  Total said initial test results from the Absheron X-2 well suggest a potential reserve total of around 7 trillion cubic feet of natural gas and associated condensates.  Azerbaijan’s President Ilham Aliyev called the discovery fantastic... Read More

Krynica Economic Forum to Start

Krynica Economic Forum to Start Vugar Bayramov, CESD chairman will have speech on regional economic integration at the forum Krynica Economic Forum started in Krynica, Poland under management of  Institute for Eastern Studies.  More than 2000 participants including state officials, representatives of Parliaments, international organizations, civil society institutes and mass-media gathered together in Krynica.   The Polish prime minister opened the 21st Economic Forum... Read More

SOCAR Oil Export Fall by 37 % in 2011

SOCAR Oil Export Fall by 37 % in 2011 SOCAR exported 939,297 tonnes of oil products from two Baku oil refineries by results of January-August 2011. Sources in the company said that the oil products export dropped by 346,703 tonnes over the same period of the last year. The highest volumes were traditionally recorded on diesel fuel-815,977,000 tonnes, which is a drop by 277,023 tonnes over January-August 2010. Export of gasoline made up 66,318 (-45,998 tonnes), jet fuel 51,850... Read More

End of Oil Boom?

End of Oil Boom? BP Production in Azerbaijan Down 5,9 %, meanwhile Azeri Oil Output dropped 5,6 % BP Plc experienced a downfall in its first half 2011 production level in Azerbaijan. The BP-led consortium Azerbaijan International Operation Company (AIOC) highlighted that its Chirag, Azeri and Gunashli (ACG) oilfields in the Caspian Sea produced 19 million tons (140.4 million barrels) of oil in January-June 2011, down 5.9% from the year-earlier level of 20.2 million tons. Additionally,... Read More

CESD report sparks probe into missing millions

CESD report sparks probe into missing millions The Azerbaijani government has launched an investigation into a multi-million dollar disagreement between two state agencies over how much Azerbaijan has spent on construction of the Baku-Tbilisi-Kars railway project. The inquiry was launched after the Center for Social and Economic Development (CESD) first noted the discrepancy in a report. Government investigators have requested and received more information from CESD about the... Read More

Non-oil budget deficit increases; Brief comparative report on Eastern Partnership countries

60 % of Azerbaijan State Budget revenues will be transferred from Oil Fund in 2011 Azerbaijan 2011 State Budget deficit would have been 24 % of GDP without the SOFAZ transfers The transfer of State Oil Fund to state budget in 2011 will be more than %12 billion, announced State Oil Fund of Azerbaijan (SOFAZ). According to fund’s announcement, SOFAZ’s total means make $31 billion.  The large gap between budget expenditure and revenue was again bridged by substantial... Read More