Will Oil Output be increased next year?

Will Oil Output be increased next year? Currently action program for 2013 on the Azeri-Chirag-Gunashli (ACG) is being revised.  The statement came from President of SOCAR Rovnag Abdullayev. According to him, oil production in 2013 will be higher than in 2012. He also said a new long-term program until 2020 would be prepared in order to provide for long-term stable production in the volume of 35 million tons of oil annually at the ACG. According to... Read More

Estimated price of Shah Deniz-2 ups

Estimated price of Shah Deniz-2 ups   The cost of the Shah Deniz Stage 2 project is now estimated slightly higher than previously at $28 billion, SOCAR President Rovnag Abdullayev said during the meeting with the graduates of the summer school of the company. “We plan to implement scaled projects, one of which is the implementation of the stage 2 project. Within the project, we will also start broadening of the South Caucasus pipeline... Read More

Socar estimates proven hydrocarbon reserves at 4.5 billion tons

Socar estimates proven hydrocarbon reserves at 4.5 billion tons Azerbaijan`s proven hydrocarbon reserves are estimated at 4.5 billion tons of equivalent fuel, head of the state oil company Socar, Rovnag Abdullayev, said in Baku on Tuesday. Addressing a forum on the construction of a huge complex for oil and gas refining and petrochemical production in Azerbaijan, Abdullayev said the country`s projected hydrocarbon reserves are estimated at 10 billion... Read More

CESD Statement Approved; Azerbaijan doubled gas export to Russia

CESD Statement Approved; Azerbaijan doubled gas export to Russia Center for Economic and Social Development (CESD) reported in September, 2011 that gas export from Azerbaijan to Russia would be doubled early 2012. CESD received information from its sources in Azerbaijan Government about secret gas negations between two countries. That time CESD statement was broadly addressed by different mass-media institutes as well as international organizations... Read More