Access to Information on Contracts on Fields’ Development in Azerbaijan Needs Improvement: PFMC Head (video)
Azerbaijan, Baku /corr. Trend U.Ismaylova / The Public Finance Monitoring Centre (PFMC) considers it necessary to improve access to information on the Production Sharing Agreements concluded in various times with regards to the exploration, rehabilitation, and development of the oil fields in Azerbaijan, PFMC Head, Ingilab Ahmadov, said on 20 July.
"Currently Azerbaijan is on the eve of receiving huge revenues from oil and gas contracts," he said. According to Ahmadov, information needs to be obtained on what contracts work and what contracts don't work. It is necessary to know which of them work most effectively and bring dividends, Ahmadov stressed.
The oil production in Azerbaijan in 2006 made up 32.5mln t, with 7.8mln t to the share of oil and gas production units of the State Oil Company of Azerbaijan (SOCAR), 1.1mln t - joint ventures and operating companies, and 23.6mln t - the Azerbaijan International Operating Company (AIOC).
The gas production in Azerbaijan in 2006 equaled 6.7bln cu m, with 4.3bln by the oil and gas production units of the State Oil Company of Azerbaijan, 0.1bln cu m by joint ventures and operating companies, and 2.3 bln cu m of associated gas by the AIOC.
According to the report of Italian ENI, the mineable reserves in Azerbaijan as of 1 January 2007 made up 7bln barrels.