ECONOMY

NEWS

Measures taken to prevent decline in oil production at ACG announced

— ECONOMY
To prevent a decline in production levels at the “Azeri-Chirag-Gunashli” field, 4D seismic surveys are being conducted to understand the current state of the reservoirs. “Elchi” reports that BP’s Regional President for Azerbaijan, Georgia, and Turkey, Gio Kristofoli, stated this in his remarks to journalists. He noted that this five-year program is being carried out […]
NEWS

General Director: Energy efficiency has become one of Azerbaijan’s main strategic goals

— ECONOMY
Today, energy efficiency has become one of Azerbaijan’s main strategic goals. elchi reports that this was stated by Elmir Musayev, General Director of “SOCAR Green”, while speaking at the Energy Efficiency and ESCO Investment Platform: Connecting Global ESCO Experience with Large Energy Consumers in Azerbaijan event, organized within the framework of the 31st Baku Energy […]
NEWS

bp: 1-2 exploration wells must be drilled annually for full capacity of the Southern Gas Corridor

— ECONOMY
To fully utilize Azerbaijan’s existing gas export infrastructure, there is a need to accelerate exploration activities in the Caspian Sea. “Elchi” reports that this was stated by Dan Sparkes, bp’s Vice President for Subsurface in the Azerbaijan, Georgia, and Turkey region, during the “Upstream Sector – New Horizons” session at the Baku Energy Forum. According […]
NEWS

Deputy Minister: There is great potential in the direction of energy efficiency

— ECONOMY
Both in the oil and gas sector and in the field of renewable energy, most of the easily accessible opportunities have already been utilized. Processes in these areas are becoming more detailed and complex. “Elchi” reports that Deputy Minister of Energy Elnur Soltanov stated this while speaking at the event on “Energy Efficiency and ESCO […]
NEWS

BCG Director: The world is rediscovering Azerbaijan in the energy sector

— ECONOMY
Azerbaijan has strengthened its position in the global energy market due to investments made in the energy sector in recent years. “Elchi” reports that this was stated by Pattabi Seshadri, Managing Director and Senior Partner at Boston Consulting Group (BCG), during the session titled “Leaders’ Speeches: Leaders’ positions on energy transformation and future strategies” at […]
NEWS

SLB: Artificial intelligence can unlock the development potential of the ‘Bahar’ field

— ECONOMY
SOCAR and SLB are collaborating on a project to redevelop the ‘Bahar’ field, one of Azerbaijan’s oldest oil and gas fields. elchi reports that this was stated by Steve Gassen, Executive Vice President of Geographies at SLB, during the “Leaders’ Insights: Energy Transformation and Future Strategies” session at the Baku Energy Forum. According to him, […]
NEWS

Joe Kristofoli: bp is investing $2.9 billion in Shah Deniz

— ECONOMY
The gas reserves of the Shah Deniz field could be sufficient to meet the UK’s gas demand for approximately 10 years. elchi reports that this was stated by Joe Kristofoli, bp’s regional president for Azerbaijan, Georgia, and Turkey, at the Baku Energy Forum session titled “Leaders’ Speeches: Leaders’ positions on energy transformation and future strategies.” […]
NEWS

Today’s currency exchange rates

— ECONOMY
The Central Bank of Azerbaijan has announced today’s currency exchange rates. According to “Elchi”, the exchange rate of the US dollar remained unchanged at 1.7000 manats on June 2, while the Turkish lira stood at 0.0370 manats. The Euro depreciated to 1.9785 manats, and 100 Russian rubles depreciated to 2.3681 manats. Currency Code Rate 1 […]
NEWS

The second day of the Baku Energy Forum has begun

— ECONOMY
The second day of the Baku Energy Forum, considered a leading and strategic energy dialogue platform within the framework of the 31st “Baku Energy Week”, has begun. elchi reports that the second day of the forum will feature discussions on “Leaders’ Speeches: Leaders’ positions on energy transformation and future strategies”, sessions on capacity building, “Energy […]
NEWS

Works under the memorandum between SOCAR and ExxonMobil Corporation reviewed

— ECONOMY, NEWS FEED
Within the framework of the “Baku Energy Week”, SOCAR President Rovshan Najaf met with ExxonMobil Corporation Vice President John Ardill. “Elchi” reports that the successful development of long-term partnership relations in the energy sector between SOCAR and ExxonMobil Corporation was noted at the meeting. It was emphasized that the commencement of the first non-associated natural […]