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Eduard Sharmazanov: Ter-Petrosyan's stories were the most juicy part of the Friday opposition rally

Russian Ambassador: Armenia's accession to Eurasian Economic Union was a wise strategic decision

Armenian Foreign Minster says Baku seeks to fail the Karabakh negotiations with its efforts to change their format

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Serzh Sargsyan's message to Washington: We believe that the whole of mankind should be consistent in the recognition, condemnation and exclusion of denialism of genocides

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Ex-governor of Vayots Dzor, Edgar Ghazaryan - an ambassador to Poland

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OSCE MG Co-chairs share expectations from upcoming meeting of Azerbaijani and Armenian Presidents in Paris

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Governor of Armenia's Vayots Dzor Region relieved of his duties upon his own request

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Delegation of IFC and EBRD visits Amulsar Gold Project site

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Speaker of the Armenian parliament agrees to the idea that there are numerous unsettled conceptual problems in the republic

Gabor Brodi: Armenia must not choose between European Union and its neighbors in the region

A delegation of South Caucasus Railway to attend 61st meeting of CIS Rail Transport Council in Baku

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.

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