Exclusive: Output to slide further at BP’s Azeri oil giant

Exclusive: Output to slide further at BP’s Azeri oil giant Tom Bergin Reuters BP will have to invest billions of dollars more than previously planned if it is to slow falling output at an Azeri oil project that is also that country’s biggest cash cow, oil executives and diplomats say. The investments required to cut the decline at the Azeri-Chirag-Gunashli (ACG) fields are so large that it may not even be commercially viable for the companies to spend the money unless... Read More

CESD forecasts a slowdown in economic growth in Azerbaijan

CESD forecasts a slowdown in economic growth in Azerbaijan The Center for Economic and Social Development (CESD) has adjusted its previous forecast of 3.7 % GDP growth in 2012 to 2.1 % after finalizing CESD Surveys Results for the first 8 months of 2012. The center also forecasts 5.2 % growth in the non-oil sector while the Azerbaijan government still targets 9.0 % growth in 2011. CESD reports that the inflation rate in Azerbaijan is expected to be 9.5 %, which scheduled only... Read More

Managing of Oil Boom: SOFAZ’s Inefficient Investment Policy

Managing of Oil Boom: SOFAZ’s Inefficient Investment Policy Oil Fund of Azerbaijan (SOFAZ) has purchased 10 tons of gold. That gold, now,  is kept at London banks and preparations are carried out in direction of bringing it to the country. SOFAZ has applied to the Cabinet of Ministers in connection with exemption of gold from customs duties. The gold will be kept at special storehouses of the CBA- SOFAZ announced on September 21th, 2012. SOFAZ reported that preparation process... Read More

Exploitation of Umid gas field starts in Azerbaijan

Exploitation of Umid gas field starts in Azerbaijan Exploitation of Umid Gas field started from today, said the State Oil Company of Azerbaijan Rovnag Abdullayev. According to him, 1 mcm of gas will be pumped from first extraction well to the country’s gas system per day, APA reports.  “Oil productivity of the well is 200 tons. Next well is expected to operate from the beginning of next year. This field’s gas will be directed to domestic demand”. Note that, Umid structure... Read More

BP in Azerbaijan Sustainability Report 2011

BP in Azerbaijan Sustainability Report 2011 The BP in Azerbaijan Sustainability Report 2011 provides information on BP’s 2011 performance in Azerbaijan including information on BP Projects. Download BP Sustainability Report 2011 Here    Read More

CESD Seminar on Local Economic Development: Analysis, Practices and Globalization

CESD Seminar on Local Economic Development: Analysis, Practices and Globalization Center for Economic and Social Development (CESD), Azerbaijan is pleased to invite all interested scholars to attend next CESD Seminar on Local Economic Development: Analysis, Practices and Globalization at 6.o0 p.m. on September 25th, 2012 in the CESD office (Dilara Aliyeva 115, Baku). Speaker of next seminar is Professor Leonidas  A. Papakonstantinidis,  from School of Management and Economics,... Read More

Eastern Partnership business support organisations: one week left to apply for scholarships Eurochambres’ Autumn Academy

Eastern Partnership business support organisations: one week left to apply for scholarships Eurochambres’ Autumn Academy Applicants from Eastern Partnership countries have a week left to apply for the next edition of the EUROCHAMBRES’ Academy programme, to be held on 21-23 November in Brussels, according to a press release from the EU-funded East Invest programme. The deadline for sending applications is 24 September 2012. East Invest is a regional investment ... Read More

Oil, Gas and Media conference to start in Baku

Oil, Gas and Media conference to start in Baku The International Press Institution with partnership local and international partners including Center for Economic and Social Development (CESD), Azerbaijan hold Oil, Gas and Media Conference in Baku from September 18th to 20th, 2012 More than 200 press representatives, including Azerbaijani journalists will join the conference- the organizers reported.  Oil specialists, scientists and media representatives of 27 countries have... Read More

Dramatic Decreasing in Azerbaijan Industry

Dramatic Decreasing in Azerbaijan Industry Industrial production fall 3,3 % and oil sector down 5,4 % 23.0 billion manat products were produced in industrial sector of Azerbaijan in the first 8 months of 2012. Industrial production decreased by 3,3 % in this period compare the same stage in 2011. Meanwhile, the State Statistical Committee reports that production in non-oil sector grew by 7.9%, while production in oil sector dropped 5.4%. GDP increased only 1,3 % in this period.... Read More

OPEC keeps Azerbaijan’s oil output forecast unchanged

OPEC keeps Azerbaijan’s oil output forecast unchanged OPEC kept its forecast on Azerbaijani oil production unchanged at 0.96 million barrels per day (bpd) for 2012 and 2013. “Azerbaijan oil production is predicted to remain steady in 2012 and average 0.96 million bpd, flat compared to the previous month,” OPEC’s September oil market report says. According to OPEC forecasts, the country’s oil production will amount to 0.96 million bpd in the third... Read More