Azeri Oil Output Declined in the first five months of 2014

Azeri Oil Output Declined in the first five months of 2014 Azerbaijan produced 17.7 million tonnes of oil and gas condensates in the first five months of 2014, versus 18.12 million tonnes in the same period of 2013, the Azerbaijan State Statistical Committee reported on June 12, 2014. The output declined by 2.3 % in the indicated period of 2014 compared to the same passé in previous year. The most part of the produced oil fell to the Azeri-Chirag-Guneshli... Read More

Azerbaijan’s Energy Strategy: Source for Diversification ?

Azerbaijan’s Energy Strategy: Source for Diversification? Oil and gas as the primary natural hydrocarbons will continue to be the topic of discussion related to the global economy and world politics. As such, the rest of the world sees countries with vast oil and gas re- serves as having a strategic advantage. It is not a surprise that energy expert Daniel Yergin described oil in his book The Prize, the Epic Quest for Oil, Money & Power, as... Read More

Does Declining Oil Revenue Equal Less Security for Azerbaijan?

Does Declining Oil Revenue Equal Less Security for Azerbaijan? Declining oil revenues and a changing energy marketplace are placing Azerbaijan’s social and economic development under strain. Worse still, observes Eric Eissler, the lost income might curtail the country’s defense spending at a time when Baku needs it most. By Eric Eissler for ISN ________________________________________ To say that Azerbaijan lives in a unique but troubled... Read More

SOCAR acquires majority stake in Greek DESFA

SOCAR acquires majority stake in Greek DESFA Following the results of the international tender announced earlier by the Hellenic Republic, SOCAR together with the Hellenic Republic Assets Development Fund (HRADF) and the ”Petroleum” company signed an agreement on the sale of share package and shareholders agreement to acquire 66 percent share package of the Greek operator of gas transmission company DESFA on December 21. Signed documents... Read More

BTC pipeline oil export declined by 3,3 %

BTC pipeline oil export declined by 3,3 % 15, 18 million tons oil was exported through the Baku-Tbilisi-Ceyhan pipeline in the first half of 2013 according to the State Oil Company of Azerbaijan Republic. Export declined by 502 thousand tons compared in the indicated period with the same period in 2012. In January, the pipeline exported 2.577 million tons, in February – 2,327 million tons, in March – 2.438 million tons, in April –... Read More

TAP Defeated Nabuco-West

TAP Defeated Nabuco-West The Shah-Deniz Consortium will announce the decision on the development of a pipeline to transport Shah-Deniz 2 natural gas to Europe on June 28, 2012. The BP-led group developing Azerbaijan’s vast gas reserves has chosen the Trans Adriatic Pipeline (Tap) via Greece to link to Europe, defeating the Nabucco West consortium, which had backed a route to Austria. The project reflects a European Union push for alternatives... Read More

SOCAR oil export declined by 4,0 %

SOCAR oil export declined by 4,0 % State Oil Company of Azerbaijan (SOCAR) exported 8,392m tonnes of oil via the Baku-Tbilisi-Ceyhan pipeline (BTC) in the first five months of 2013. Compared to the same period last year, exports through the pipeline decreased by 341,000 tonnes, SOCAR reported. SOCAR exported 8, 733 million tonnes in the first five months in 2012. Concernig to monthly export in 2013, the export was 1, 429 million tonnes in January,... Read More

Oil Output Dropped by 4,0 % in Azerbaijan

Oil Output Dropped by 4,0 % in Azerbaijan   CESD forecasts decline in oil sector by 5,0 % in 2013 based on its econometric models and PSA matrix Azerbaijan produced 7,2 million tons of oil in January-February , 2013- The State Statistical Committee of Azerbaijan reported.  3,8 million tons were produced in January and 3,4 million tons in February. Oil production has dropped by 300,0 thousand tons or by 4,0 % over the same period of 2012. Meanwhile,... Read More

SOCAR Incurs Huge Debt, Raises Questions

SOCAR Incurs Huge Debt, Raises Questions CESD experts question the decision of SOCAR to incur long-term debt by issuing Eurobonds Azeri state energy firm SOCAR plans to issue Eurobonds worth $1 billion for refinancing its existing debt and funding its upstream and downstream operations, a SOCAR official and Moody’s said on March 02, 2013. SOCAR President said the company carried out the first issue of Eurobonds in the amount of $500m in February... Read More

Azerbaijan Economy in January, 2013

Azerbaijan Economy in January, 2013 CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first month of year on February, 20, 2013. Independent calculated data show that decline in oil production and oil export will continue in 2013, too. Meanwhile, the government reports also proof that decline in oil export continue in January, 2013. State Oil Company of Azerbaijan (SOCAR) has recently reported that... Read More

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