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Hrant Bagratyan stresses the need to expand the scale of dismissals in Armenian Defense Ministry system

Head of EU Delegation to Armenia: Both Armenians and Azerbaijanis should prepare for peace

Parliamentary forces of Armenia ready to sign "gentleman's agreement" on excluding pre-election bribes

Mammadyarov to Sargsyan: Conditions put forward for resumption of negotiations undermine peace process on settlement

Azerbaijani FM: Russia has offered a phased solution to the Nagorno-Karabakh conflict

Zaruhi Postanjyan: Large-scale armed hostilities in Artsakh are yet to start

Areximbank-GPB Group staff members visit schools in Armavir region under My Finance Month-2016 project

Armenia's Parliament Vice Speaker: No negotiations are possible unless Azerbaijan stops violating ceasefire

U.S. Congresswoman Loretta Sanchez Calls for Leahy Law Investigation of Azerbaijani Abuses

Bako Sahakyan says Karabakh will cede no land and urges world community to reconsider its attitude towards aggressor

Bako Sahakyan: Karabakh conflict cannot be settled, unless Artsakh in involved in peace talks

Konstantin Kosachev: Turkey's stance on Karabakh encourages of one the sides to the conflict to continue it

Azerbaijan continues violating ceasefire arrangements

Armenian Defense Ministry registers 18 incidents on border with Azerbaijan

SCR: Number of railway casualties in Armenia keeps increasingly growing

Ankara hopes Karabakh conflict will be resolved with due regard for 'sovereignty' of Azerbaijan

Beeline extends functions of My Beeline Armenia application

Nikol Pashinyan: Opposition exaggerates Electoral Code's role in holding fair elections

France-Karabakh Circle of Friendship perplexed by lack of Paris' official reaction to Baku's explicit threats

Nagorno-Karabakh Defense Army presented evidences of rocket bombardment of Mataghis by Azerbaijani armed forces

Central Bank of Armenia approves merger agreement of ProCredit Bank and INECOBANK

Stratfor forecast: Military escalation will continue to be a possibility in Nagorno-Karabakh, with effects that reach far beyond the bounds of the small contested territory

EU supports peaceful resolution of Karabakh conflict, Malena Mard says

Azerbaijan's armed forces fire more than 240 rounds at Karabakh positions and target Mataghis populated area overnight

Armenia's Defense Ministry: Azerbaijan shells at state border with Armenia

U.S. Department of State: We have remained in contact with both governments and we need to see the peace process back up and running as soon as possible

Manvel Sargsyan: Armenia due to reconsider fundamentally its 20-year-long policy towards Russia

Seyran Ohanyan: There will be no new dismissals in Armenia's defense system

Nagorno-Karabakh Defense Army: Adversary's movements noticed on northeastern direction of line of contact

Artsrun Hovhannisyan: Situation in Artsakh is quiet at the moment

Yerevan: The time has come for international community to call Baku to order by using specific measures

Arpine Hovhannisyan: Mihran Poghosyan case is being investigated

Russian foreign ministry: the primary task is to exclude regular outbreak of aggression

Three Armenian servicemen wounded on Line of Contact of Nagorno-Karabakh and Azerbaijani troops

Investigative Committee: Identity of the second killed passenger is established

National Revival: Hermine Naghdalyan's statement is a stab in the back of Artsakh soldier

Communist Party of Russia suggests Vladimir Putin to deploy missiles in Cuba to protect Russia and Armenia

Russia thinks military contacts of Baku and Yerevan may be continued

NKR Defense Army: Baku's reports that Armenian side allegedly uses ammunition banned by international conventions are delirium

Oskanian's party not to demand Serzh Sargsyan's resignation

Stepanakert condemns Baku's attempts to denounce unilaterally the trilateral cease-fire agreement of 12 May 1994

Russian Foreign Ministry: Contribution to search for optimal solutions in Nagorno-Karabakh peace process continued

David Babayan: Politicians who fill their stomachs with caviar or pockets with oil revenues and glorify dictatorships are terrorists too

NKR Defense Ministry calls on Azerbaijan to stop using civilians as human shield

Nikolay Bordyuzha: Flare-up of the Nagorno-Karabakh conflict "will blow up the entire Caucasus"

Armenia's Deputy Minister of Defense and OSCE CiO Personal Representative discuss situation in Karabakh

Azerbaijani armed forces open sporadic fire at state border with Armenia overnight

NKR Defense Army soldier killed, as Azerbaijan intensifies shelling

Hayazn Party demonstration demands from authorities not to make any territorial concessions in Karabakh issue

Armenian lawmaker stresses the need to boycott Turkish goods and to ban import of any Turkish products

Regional

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

  • Friday, January 18, 19:16

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.

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