Newsfeed

ACBA-Credit Agricole Bank creates ACBA Business Partner sub-brand

Artifacts from Armenian Highlands cause sensation in the world of science

Vice Speaker: Armenian-Russian relations should develop and deepen

Argentinean writer: One more Armenian Genocide is taking place in Aleppo

Armenia ranked 4th in Eastern Partnership Media Freedom Index for first half of 2014

Opinion: SCR plays an important role in communications

River of Hrazdan overruns its banks, as intensive water releases from Lake Sevan launched

Turkish intellectuals urge apology to Armenian students

Hay Tar Mobile App now free of charge

VTB Bank (Armenia) wins Public Rating's Best Bank award

Georgia will temporarily close Upper Lars border crossing because of landslide danger

Nikol Pashinyan again publicly accuses Surik Khachatryan of direct complicity in Avetik Budaghyan's murder

Russian expert: Armenia should be interested in Russian-Azeri arms deals

Leader of Marxist Party of Armenia dies

Yerevan Brandy Company completes grape procurement in Ararat Valley

VTB Bank (Armenia) to sponsor the transfer of windsurfers in wintertime

ArmSwissBank becomes a partner bank for Medicine Producers and Importers Union of Armenia

Presidents of Russia and Azerbaijan to discuss Karabakh peace process

Finding mixture of ~300,000 year-old stone tools in Armenia challenges hypothesis that technique's appearance in Eurasia was result of expansion of hominins from Africa

Cemil Cicek says parliaments of other countries have no right to recognize Armenian Genocide in Ottoman Turkey

Control Chamber of Armenia detects violations in gas supply to some unprivileged communities in Syunik region

Authorities of Artsakh are ready to transfer saboteur's body to Azeri authorities

Oppositionist: I congratulate you on defeat of the authorities

Rostelecom modernizes its network

Turkey returns 42,000sq m land lot to "Surb Prkich" Armenian Fund

Oppositionist: Surik Khachatryan's appointment as governor of Syunik region is a slap in the face of the Armenian society

South Caucasus Railway to take part in the European Heritage Days dedicated to the beginning of the World War I

Czech Parliament to host exposition timed to Armenian Genocide centennial

ANC Representative: Constitutional reforms aim to ensure life-term power for Serzh Sargsyan

Parliamentary commission delays discussion of the draft decision on recognition of the NKR by Armenia

Armenia to come forward as third side on Perincek's case

Manvel Sargsyan: The myth of Russia's importance for Armenia is based on the formula "We will defend you"

OSCE MG Co-Chairs and Armenian and Azerbaijani FMs discuss preparations for high-level meeting in Paris

Parliament opposition finishes its today's rally with calls for Armenian President's resignation

Azeri President signs an order on some security measures on Line of Contact of Azeri and Armenian troops

Vartan Oskanian: Hovik Abrahamyan Government is falling short of expectations

Beeline to digitize Maralik town by the middle of October 2014

ICRC proves repatriation of an Armenian captive Sargis Ananyan

Heritage Party calls inadmissible Surik Khachatyan's reappointment as Syunik Governor

Naira Zohrabyan: "Surik Khachatryan's reappointment as Syunik Governor was a slap in the face of Armenia and the Armenian people"

Oppositionist MP: "Serzh Sargsyan has appointed 'a man like him' to the post of the Syunik Governor

Canada Deplores Destruction of Armenian Church and Genocide Memorial by ISIL

Emil Budaghyan: Armenian government needs replacement

President of Armenia: "To hell with you ratification"

Serzh Sargsyan: For more than twenty years our neighbor aborts the efforts of the international community directed at the just and peaceful settlement of the Nagorno-Karabakh conflict

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


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields