Levon Zurabyan to provide Prosecutor General with video showing attempts to bribe "No!" Front proxies

Minister says situation around Football Federation of Armenia will come to light soon

SCR achieves profitability due to rigid balance between revenues and expenses and launch of resource- saving projects

Deputy Minister of Foreign Affairs of Armenia welcomes possible criminalizing of Armenian Genocide denial by Russia

Deputy Foreign Minister: Use of Russian military base in Armenia should be agreed with Armenia

Hovhannes Sahakyan to Levon Ter-Petrosyan: Profound Constitutional reforms will help Armenia to counter external challenges

Beeline announces sales of Beeline Smart Dual, Beeline Smart 2 and Beeline Smart Pro ahead of New Year holidays

Syunik governor's son appointed assistant to director of "ArmForest" SNCO

Levon Ter-Petrosyan: It appears that the advocates for the Constitutional amendments have nothing to do but swear up and down

Eduard Sharmazanov to tell Russian lawmakers about Armenia's positive opinion on Russian bill criminalizing Armenian Genocide denial

Levon Ter-Petrosyan: It appears that the advocates for the Constitutional amendments have nothing to do but swear up and down

Sharmazanov: Incidents of downing of Armenian helicopter over Karabakh and Russian plane over Syria have the same modus operandi

Nikolay Silayev: Risk of deployment of a "third front" around Karabakh is rather high

VivaCell-MTS invests 7.9 bln AMD in cultural projects over past 10 years

Rostelecom Armenia: Awarding ceremony of "Thank You, Internet 2015" contest to be held on November 30

VivaCell-MTS has invested 23.6 bln AMD into social projects during 10 years

Orange Foundation to invest 51 mln AMD in Zangakatun border village

Beeline Child Development Corners opened in Aragatsotsn region

Bill on establishing responsibility for not recognizing Armenian Genocide by Turkey introduced into State Duma

Political expert: Russia will not involve its 102nd base in Armenia in conflict with Turkey

New Armenia refutes information that the detained criminals have ties with New Armenia Front

NSS: Organized criminal group intending to commit grave crimes in Armenia disclosed

US official says final status of Nagorno-Karabakh subject of OSCE Minsk Group-led international negotiations

Emergency situation in Yerevan: National Security Service and Police prevent possible terror attack

ARARATBANK announces 10th jubilee issue of coupon bonds guided by investors' high demand for currency dealing

Sociologist: 75% of Armenian women undergo violence

Armenian parliament vice speaker: Adoption of pro-Azerbaijani resolution by PACE not failure of Armenian delegation

Armenia becomes an unattractive country for labor migrants

Expert: Karabakh peace process at standstill, as conflicting parties to Karabakh conflict lack political will

Qatar Airways to enter Armenian market

Politician: PACE's anti-Armenian reports are consequence of current geopolitical processes

Prensa Armenia: Argentina's newly elected president advocates international recognition of Armenian Genocide

Expert: Stability in South Caucasus depends on Moscow-Baku relations

VTB Bank (Armenia) team takes 2nd place in Amateur Chess Blitz Championship in Armenian banking system

Air Armenia intends to appeal against court decision on recognizing company as bankrupt

Expert: Anti-Armenian reports of PACE will not have impact on Karabakh settlement

Danger of military escalation is always there not only between Russian and Turkish forces but also the American and other allies working to fight the Islamic State, Richard Giragosian says

Anti-terrorism fight should contain first of all economic measures, Richard Giragosian says

Yerevan will inform about Armenia and Azerbaijan's presidents meeting in due time

David Babayan: European structures should not turn into a bazaar

PACE Committee adopts another anti-Armenian resolution - this time on Sarsang reservoir

New Armenia Front again reports political persecution of activists

"Red Card" movement protesting in front of Armenian President's residence

Aram Karapetyan thinks Serzh Sargsyan will have Muammar Gaddafi's fate

Anelik Bank calls for its depositors to participate in "New Year in Dubai" campaign

Eurasian Economic Commission to cancel tax-free international online-trade

Free HIV testing to be organized in Yerevan

Armen Martirosyan: Constitutional reforms will legalize lawlessness existing in Armenia

Vardan Bostanjyan: 2016 to become a year of possible positive changes and successful start-ups for Armenia

Freedom-fighter Volodya Avetisyan urges Armenian people to gather in Liberty Square on December 1 and struggle till final victory

In 2012 Azerbaijan's oil production declined, oil incomes went down

  • Friday, January 18, 13:16

Baku. Turan agency's analysts believe that Azerbaijani President's statement at the government's session was more positive, than reality itself. In 2012 the country faced many problems and some goals have not been achieved. Therefore, it would have been better to speak about the problems and inform the society about the forthcoming tasks for year 2013. However, neither President of State Oil Company of Azerbaijan (SOCAR), nor chairman of Board of Azerenerji company or President of the newly-created State Company for Renewable Power was given a word at the session. Instead President has briefly described everything for them.

He did not say how much oil and gas was produced in the country. Oil production went down against 2011. According to the statement made by SOCAR President in December 2012, the country produced 43.9 million tons of oil and the oil production went down by 1.7 million tons. According to the SOCAR statistics (during 11 months, 2012), the oil production did not exceed 43 million tons and the production decline totaled 2.6 million tons.

On the other hand, the main problem in 2012 was a very high pace of production decline on the Azeri-Chirag-Guneshli (ACG) offshore oil fields. At the government session in October 2012

               President accused BP company of the production decline and the country's losses that exceeded $8 billion during several years. However, after three months everything has changed. What has happened? If everything is so good, then why the ACG consortium's budget has not been approved by the Managing Committee yet? The reason is that the sides have not made a decision on the program of the forthcoming operations and the costs. If this is a case, then how can production on ACG stabilize in 2013? New operation wells have not been drilled yet. Putting of the new wells into operation will take minimum 4-5 months and during this period the production will inevitably decline on the contract area.

               The State Agency for Alternative Power was established in the country under the Ministry of Industry and Energy in 2009. On June 1, 2012 the second state company was created in the country on the basis of the agency. However, its regulations have not been approved yet. In 2012 the agency created the hybrid park, but it cannot launch it, because of the problems with Azerenerji company, the state monopolist of power distribution and transportation. Azerenerji builds small hydraulic power stations, which belong to the alternative types of power.

In 2012 Azerbaijan's oil incomes started going down. The information about oil revenues is not available. However, we know that they went down by about $3 billion against 2011.

Send to a friend

To (e-mail)

Your name



View comments (0)

Be first to comment on this article

* Indicates required fields