Azerbaijan benefits from high fuel prices
By M. Alkhazashvili
(Translated by Diana Dundua)
(Translated by Diana Dundua)
Tuesday, December 4
Azerbaijan is currently enjoying something of a boom, according to the Azerbaijani newspaper Zerkalo, with the dramatic hike in fuel prices largely responsible: big oil exporters admit that prices are practically out of their control, and new oil fields are rarely discovered these days.
According to the Russian news agency Regnum, January to October 2007 saw oil production reach 34.5 million tons in Azerbaijan, a 32.6 percent increase on the same period of 2006.
The bulk of this—27.2 million tons of oil, and 4.3 billion cubic meters of natural gas—came from the Azerbaijan International Operation Company (AIOC). This accounts for 78.8 percent of the country’s entire oil output, and 49.3 percent of its natural gas.
During this same period, 2.1 billion cubic meters of natural gas was discovered in the Azerbaijani and Chirag fields, with an additional 2.2 billion cubic meters coming from the Shah–Deniz field.
From January to October, 2007, natural gas production reached 8.7 billion cubic meters, a 57.3 percent rise on the same period in 2006.
16.5 billion kWh of electricity was generated in the same period, down 10.3 percent on the previous year.
Some 240 million tons of oil are expected to be produced in Azerbaijan between 2008 and 2011. The Azerbaijani Economic Development Minister, Heidar Babaev, says that 35 million tons of this will come from AIOC, the operators of the Azeri–Chirag–Gunashli field.
“In 2012, oil production in Azerbaijan will reach 63 million tons, and the country’s GDP will go up to AZN 41.4 billion. GDP per capita will then total USD 6 450,” Regnum quoted Babaev as saying.
According to the Russian news agency Regnum, January to October 2007 saw oil production reach 34.5 million tons in Azerbaijan, a 32.6 percent increase on the same period of 2006.
The bulk of this—27.2 million tons of oil, and 4.3 billion cubic meters of natural gas—came from the Azerbaijan International Operation Company (AIOC). This accounts for 78.8 percent of the country’s entire oil output, and 49.3 percent of its natural gas.
During this same period, 2.1 billion cubic meters of natural gas was discovered in the Azerbaijani and Chirag fields, with an additional 2.2 billion cubic meters coming from the Shah–Deniz field.
From January to October, 2007, natural gas production reached 8.7 billion cubic meters, a 57.3 percent rise on the same period in 2006.
16.5 billion kWh of electricity was generated in the same period, down 10.3 percent on the previous year.
Some 240 million tons of oil are expected to be produced in Azerbaijan between 2008 and 2011. The Azerbaijani Economic Development Minister, Heidar Babaev, says that 35 million tons of this will come from AIOC, the operators of the Azeri–Chirag–Gunashli field.
“In 2012, oil production in Azerbaijan will reach 63 million tons, and the country’s GDP will go up to AZN 41.4 billion. GDP per capita will then total USD 6 450,” Regnum quoted Babaev as saying.