Newsfeed

ACBA-CREDIT AGRICOLE BANK announces results of draw among Visa Student cardholders and student loan borrowers

INECOBANK receives first US$5mn tranche from EBRD to finance renewable energy and SME

Banks buy $1.7 million out of $4 million offered by Central Bank on 20 December

Beeline and Technology Development Center present App Armenia system and mobile application

Vigen Barseghyan appointed as Acting Director General of Areximbank-GPB Group

Vallex Group launches mining at Teghout copper-molybdenum deposit

Anelik Bank faces no problems with liquidity amid national dram hyper-devaluation due to financial support Credit Bank S.A.L.

On 20 December ACBA-CREDIT AGRICOLE BANK to hold annual prize draw ahead of the New Year among Visa Student cardholders and raffled off tuition fees

Expert: In 2015 the situation over Nagorno-Karabakh will not be better than in 2014

Nagorno-Karabakh PM: Question whether there should be a customs point on Armenian-NKR border is no longer on agenda

Expert: AMD's depreciation will not prevent Armenian Government from fulfilling next year's budget

House of Representatives of Belarus ratifies agreement on Armenia's accession to Eurasian Economic Union

Prosecutor insists on life and 22-year terms for Azeri raiders

Open Days at Yerevan Brandy Company

John Heffern says Armenia has not received invitation by Millennium Challenge Corporation this year

John Heffern: The USA wants to go on stimulating reconciliation of the Armenian and Turkish peoples

ARFD: The Turkish-Azerbaijani tandem has sharply activated at the world arena

John Heffern: Agreement on Vorotan Cascade of HPPs to be signed shortly

Kazakhstan Senate ratifies treaty on Armenia's accession to EEU

Drivers of public mini-van go on being on strike because of raising fuel price

Armenian PM: There will be no more shocks on financial market

Armenia's Central Bank tries to sell $4mln but nobody buys it

Beeline to complete digitization of the network in Metsavan, Norashen and Kuchak communities

European Union launches 15 new projects in Armenia

Inga Zarafyan: Mining industry has leading positions in terms of environmental damage

Hovik Abrahamyan familiarizes himself with prices at Armenian supermarkets

Rostelecom expands network of acceptance of payments through banks

Baby born with parasitic twin fetus in Armenia

Parliament of Kazakhstan ratifies treaty on Armenia's accession to EEU

Public transport drivers in Nor-Nork District in Yerevan block road to city center

Artur Javadyan: Armenia's Central Bank is not planning prescheduled revision of its refinancing rate

Armenia's CB: AMD's hyper-depreciation has been caused by panic and speculations

Small business in Armenia to be red-listed

EBRD supports Armenia's Shen Holding with US$ 9.3 million loan

Nikol Pashinyan: It is necessary to teach some MPs from the ruling party to differentiate between the Parliament and a horse stable

VTB Bank (Armenia) and MasterCard launch a joint bonus campaign for MasterCard holders

14 more Beeline offices to be equipped with e-queue systems

Cigaronne SPS enlarges its export geography

Armenia hosted the international The Hour of Code event for the first time

Armenian National Congress and Prosperous Armenia Party not to support statement condemning attack on Aram Manukyan

Oppositionist: Latest attacks on Armenian oppositionists work style of Eurasian Economic Union

South Caucasus Railway approves investment program and business plan for 2015

Elmar Mammadyarov claims Sarsang Reservoir can trigger humanitarian, environmental and man-caused disasters

Russia's western "partners" may hang a new iron curtain over post-Soviet states

Deputy Head of Armenian nuclear power plant faces embezzlement and misappropriation charges

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