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Nagorno-Karabagh: Military Balance Between Armenia & Azerbaijan

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        • Originally posted by HyeSocialist View Post

          What about the depletion of the oil? Are we not already there yet?
          Ilham Aliyev approves 2018 budget of Azerbaijani State Oil Fund

          https://www.azernews.az/business/124795.html

          29 December 2017 10:37 (UTC+04:00)

          By Trend

          Azerbaijani President Ilham Aliyev signed a decree to approve the 2018 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ).

          According to the approved budget, SOFAZ’s revenues for 2018 are set at 11,559,956,200 manats, expenditures are set at 9,730,221,800 manats.

          SOFAZ’s revenues from the sale of profitable oil and gas are forecast at 9,723,786,100 manats, acre payments at 3.612 million manats, income from oil and gas transit through Azerbaijan at 16.34 million manats.

          Meanwhile, SOFAZ’s revenues from placement and management of assets are forecast at 1,042,046,100 manats, bonuses paid by investors within oil and gas agreements or in connection with their implementation – at 774,172 manats.

          A lion’s share in SOFAZ expenditures will account for transfers to the state budget – 9.216 billion manats.

          Expenditures for improvement of living conditions of refugees are stipulated at 200 million manats, expenditures for reconstruction of the Samur-Absheron irrigation system – at 90 million manats, expenditures for financing the Baku-Tbilisi-Kars railway project – at 176,128 manats, expenditures for financing the state program on education of Azerbaijani youth abroad in 2007-2015 – at 16,218 manats.

          The expenses for SOFAZ’s management have been approved at 31,875,800 manats.

          At the same time, 9,412,288 manats of expenditures will account for salaries, expenditures for the purchase of goods and services - 5,276,520 manats, for grants and other payments - 682,360 manats.

          Expenditures for pensions and social payments are stipulated at 65,000 manats, for purchase of non-financial assets – at 6,034,460 manats, while 10,405,172 manats are stipulated for other expenses.

          SOFAZ was established in 1999 with initial assets worth $271 million. As of October 1, 2017, assets of SOFAZ increased by 8.67 percent as compared to early 2017 and amounted to $36.02 billion.

          The main purposes of SOFAZ are the accumulation of funds and the placement of assets abroad to minimize negative trends in the economy by preventing "Dutch disease".





          Politics is not about the pursuit of morality nor what's right or wrong
          Its about self interest at personal and national level often at odds with the above.
          Great politicians pursue the National interest and small politicians personal interests

          Comment


          • Originally posted by HyeSocialist View Post

            What about the depletion of the oil? Are we not already there yet?
            BP and partners sign new 25-year Azerbaijan oil production sharing contract

            https://www.platts.com/latest-news/o...n-oil-26805243

            London (Platts)--15 Sep 2017 810 am EDT/1210 GMT


            BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.
            • SOCAR stake raised at partners' expense
            • Deal accesses 2 billion more barrels


            The Azeri-Chirag-Deepwater Gunashli (ACG) complex in the Caspian Sea produces most of Azerbaijan's sought-after crude oil.

            At the time of the signing of the original production sharing contract in 1994, it was seen as a major advance by the international oil industry into the former Soviet state, dubbed the "contract of the century."

            Output has been declining for a number of years, however, falling particularly steeply in the first half of this year -- by 11% compared with a year earlier -- to 585,000 b/d, despite the startup of a new platform in 2014 at a cost of $6 billion.
            Under Thursday's deal, the international companies will pay a $3.6 billion bonus to the state oil fund over a number of years. The international partners comprise BP, currently with a 35.8% stake; Chevron with 11.3%; Japan's INPEX with 11%; Norway's state-controlled Statoil with 8.6%; ExxonMobil with 8%; Turkey's TPAO with 6.8%; Japan's ITOCHU with 4.3%; and India's ONGC Videsh with 2.7%.

            The extension of the production sharing contract, which was to expire in 2024, was seen as necessary to ensure continued investment.

            The altered shareholder structure also gives SOCAR a greater share of production and greater spending obligations as its stake in the consortium rises from 11.6% to 25%.

            Total operating costs last year for ACG were $503 million, and capital expenditure was $1.45 billion.

            BP said the deal would enable the partners to access an additional 2 billion barrels of economically recoverable oil from the end of the current version of the production sharing contract.

            The partners will carry out preliminary engineering work to evaluate the possible addition of another platform, it added.

            The deal cuts BP's stake by 5.43% to 30.37%, with corresponding reductions for the other partners.

            SOCAR Chief Executive Rovnag Abdullayev said it reflected the "growing financial and technological potential of Azerbaijan and SOCAR."

            Although the foreign partners will get a lower share of production, their share has risen somewhat since
            oil
            prices collapsed in 2014 because the production sharing contract entitles them to more barrels when oil prices are lower, to cover their costs.

            BP's annual reports show it received just 13.5% of total liquids production from ACG and the Shah Deniz gas and condensate field in 2013, or 96,000 b/d, but its share rose to 16.2%, or 111,000 b/d, in 2015, even though total liquids production in that period fell by 3.5%.

            BP's current 35.8% stake, which has made it by far the dominant commercial presence in Azerbaijan, partly reflects its 1998 purchase of legendary US company Amoco, which held an almost equal stake to BP at the original production sharing contract signing, with Amoco on 17.01% and BP on 17.12%.
            WIDER INTERESTS

            Production decline at the field was long expected, but has been a source of tension, prompting a public outburst by President Ilham Aliyev reprimanding BP in 2012.

            While Thursday's agreement diminishes its role, BP is also focused on other interests in Azerbaijan, not least the giant Shah Deniz 2 gas development, which is intended to supply the Southern Corridor, delivering
            gas
            to Europe from 2020.

            "Today's contract is perhaps an even more important milestone in the history of Azerbaijan as it ensures that over the next 32 years we will continue to work together to unlock the long-term development potential of ACG through new investments, new technologies and new joint efforts to maximise recovery," BP Chief Executive Bob Dudley said.

            One result of decline at ACG has been the under-utilization of the Baku-Tbilisi-Ceyhan pipeline across the Caucasus mountains to Turkey's Mediterranean coast.

            The pipeline operated at a little over half its 1.2 million b/d capacity in the first half of this year.

            The pipeline may eventually be used to transport more of Kazakhstan's burgeoning production, and is seen as an emergency backup to the CPC route that brings most of Kazakhstan's production to international markets across Russian territory.

            But so far, Kazakh volumes via the route remain minimal.

            Statoil, which sees its stake cut from 8.56% to 7.27% and has already exited Shah Deniz, said the extension "represents a major milestone for Statoil and all the participating companies, which will continue generating value from the asset for many decades to come."
            Politics is not about the pursuit of morality nor what's right or wrong
            Its about self interest at personal and national level often at odds with the above.
            Great politicians pursue the National interest and small politicians personal interests

            Comment


            • Average production cost of Azerbaijani oil $20 a barrel, Socar says



              By bne IntelliNews January 26, 2016

              http://www.intellinews.com/average-p...ar-says-89313/ The average cost of oil production of the Azerbaijani national oil company Socar is $20 per barrel, according to Elshad Nasirov, the company's vice president for marketing.
              “The development of old, onshore fields requires more funds than that of the new offshore fields. On average, oil production costs Socar $20 per barrel,” he elaborated in a televised interview with Swiss television station SRF on January 25. The steep decline in oil prices has left oil-dependent Azerbaijan grappling with the effects of a decline in state revenues, a devaluation of the national currency and skyrocketing inflation. At the current price, Socar is hardly making a profit from exploration. However, oil major BP accounts for the majority of Azerbaijan's oil exports, and its operating costs might differ from Socar's. .........


              Politics is not about the pursuit of morality nor what's right or wrong
              Its about self interest at personal and national level often at odds with the above.
              Great politicians pursue the National interest and small politicians personal interests

              Comment


              • Azerbaijan - Economic Indicators

                https://tradingeconomics.com/azerbaijan/indicators

                .
                Politics is not about the pursuit of morality nor what's right or wrong
                Its about self interest at personal and national level often at odds with the above.
                Great politicians pursue the National interest and small politicians personal interests

                Comment


                • OPEC reveals forecasts for oil output in Azerbaijan

                  https://www.azernews.az/oil_and_gas/120367.html

                  By Trend

                  Azerbaijan’s oil supply for 2017 will decline by 0.06 million barrels per day (b/d) year-on-year, OPEC said in its October Monthly Oil Market Report.

                  Oil production in Azerbaijan is expected to average 0.79 million b/d in 2017, according to the cartel’s forecasts.

                  The country’s oil supply is expected to decline by 0.05 million b/d y-o-y to average 0.74 million b/d in 2018.

                  Output from Azerbaijan averaged 797,000 b/d in the last eight months of 2017, 40,000 b/d lower than last October, said the cartel.

                  In December 2016 in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017.

                  On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.

                  The reductions will be on the same terms as those agreed in November.
                  Politics is not about the pursuit of morality nor what's right or wrong
                  Its about self interest at personal and national level often at odds with the above.
                  Great politicians pursue the National interest and small politicians personal interests

                  Comment


                  • Originally posted by londontsi View Post
                    Average production cost of Azerbaijani oil $20 a barrel, Socar says
                    $20 a barrel my jazz. The Saudis with all their mass production an pre paid infrastructures might get it around $20 a barrel. The azeris most likely around $40+ few $ for pipeline transportation + British monopoly commissions will brig it closer to $50+. Like the Arabs the azeris have been dealing with oil for around a century and yet they have to pay an island on the other side of EU "startup of a new platform in 2014 at a cost of $6 billion". The rest of the world will pay less than $1 billion. "anywhere between US$400 million to US$700 million". More info ...

                    https://www.quora.com/How-much-does-an-oil-rig-cost

                    Comment


                    • "Semisubmersible newbuilds range from $460 to $771 million for water depth capacity ranging from 1,640 to 10,000 ft and VDLs between 5,000 and 22,000 tons. Operating displacement varies between 42,000 and 62,000 tons."

                      "in Arctic exploration has led to harsh environment designs, and can cost over $1 billion to build, several hundred million more than moderate environment designs."

                      http://www.offshore-mag.com/articles...t-factors.html

                      ^^^ The brits are robbing them blindly and "investing" their petrol dollars.

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