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