BP’s Azeri Oil Output Declined

BP’s Azeri Oil Output Declined Output from Azerbaijan’s Azeri-Chirag-Guneshli (ACG) oilfields declined to an average 656,000 barrels per day (bpd) in the first half of 2014 from 672,000 bpd in the same period last year, BP-Azerbaijan said in a statement. BP said earlier this year that oil production at the ACG fields might be slightly lower than in 2013 as the company planned maintenance work at the Central Azeri and West Azeri platforms,... Read More

Azerbaijan’s estimated gas reserves exceed 2.5 trillion cubic meters

Azerbaijan’s estimated gas reserves exceed 2.5 trillion cubic meters Estimated gas reserves in Azerbaijan hit a 10 billion ton oil equivalent, SOCAR first vice president on geophysics, geology and mining Khoshbakht Yusifzade said during the international conference “Potential of hydrocarbons at great depths: energy resources of the future – reality and forecast” on June 12nd, 2012. He said that the estimated gas reserves in Azerbaijan... Read More

Azerbaijan Economy in 2012; expectations and challenges

Azerbaijan Economy in 2012; expectations and challenges Official forecasts for Azerbaijani economy in 2012 seem quite optimistic. According to Ministry of Economic Development reports although downturn in world economy. The Government of Azerbaijan (GoA) targets 5,7 % GDP Growth in 2012 meanwhile The Central Bank’s monetary policy is announced keeping inflation to single digits. Meanwhile, International Monetary Fund (IMF) projected at 7,1 % Azerbaijan’s... Read More