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
Decline in SOCAR oil production in 2012
Decline in SOCAR oil production in 2012 The State Oil Company of Azerbaijan produced 8,241, million tons of oil in 2012. The statement came from sources in SOCAR. Production made 706,638 tons in January, 660,942 tons in February, 660,900 tons in March, 684,300 tons in April, 700,900 tons in May, 678,500 tons in June, 700,900 tons in July, 701,800 tons , 680,100 tons in September, 705,113 tons in October, 683,200 tons in November, 679,200 tons in... Read More
Huge Decline in Oil Export
Huge Decline in Oil Export Baku-Tbilisi-Ceyhan pipeline exported 27,327 million tons of oil in the first eleven months of 2012. Compared to January-September 2011, exports decreased by 2,73 m tons, according to SOCAR. In January, exports amounted to 2,7m tons, in February -2,45m tons, in March – 2,7m tons, in April – 2,3m tons, in May – 2,801m tons, in June – 2,732m tons, in July – 2,12m tons, in August – 2,367m tons, in September –... Read More
SOCAR Oil Output Dropped by 2 %
SOCAR Oil Output Dropped by 2 % The State Oil Company of Azerbaijan produced 6,9 million tons of oil in January-October, 2012. The statement came from CESD sources at SOCAR. Oil output was 706,6 tons in January, 660,9 tons in February, 660,9 tons in March, 684,3 tons in April, 700,9 tons in May, 678,5 tons in June, 700,9 tons in July, 701,8 tons in August, 680,1 tons in September, 705,1 tons in October. SOCAR oil output has dropped by 2% over the... Read More
BP prepares plan for oil production from ACG for 2013
BP prepares plan for oil production from ACG for 2013 In continuation of discussions with the State Oil Company of Azerbaijan, BP completed the detailed review of productiveness of the ACG block of fields in Caspian Azeri sector. The statement is contained in the press release of the BP company. “The aim of the review is the analysis of the plan of production supply for 2013 and revealing the ability to react to technical problems”, the message... Read More
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
SOCAR’s Ranking is Still “BBB-“
SOCAR’s Ranking is Still “BBB-“ Fitch Ratings has affirmed State Oil Company of the Azerbaijan Republic’s (SOCAR) Long-term foreign currency IDR at ‘BBB-’ with a Stable Outlook. Short-term foreign currency IDR was affirmed at ‘F3′, the Agency said in its report. SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia,... Read More
SOCAR increases oil exports from Novorossiysk port
SOCAR increases oil exports from Novorossiysk port The Marketing and Economic Transactions Office of the Azerbaijani State Oil Company (SOCAR) in September exported 159,600 tonnes of crude oil from the Novorossiysk port. This figure is 29,955 tonnes or 23% more compared to August, Gun.Az reports, referring to the company’s website. In September, SOCAR exported 322,980 tonnes of crude oil from the Supsa port, while 1,654,929 from the Ceyhan... Read More
