Azerbaijan among over-conforming non-OPEC countries
Azerbaijan is among over-conforming non-OPEC countries, according to OPEC Secretary General Mohammad Sanusi Barkindo.
“Our conformity levels have continued to significantly improve and reached an unprecedented level of 116 percent in August. We therefore acknowledge with deep appreciation the exemplary conduct and leadership of over-conforming OPEC countries, Saudi Arabia, Angola and Equatorial Guinea, as well as over-conforming non-OPEC participating countries, Azerbaijan, Brunei and Sudan, in continuously restraining themselves and sacrificing in the interest of all,” Barkindo said during the 5th meeting of the Joint Ministerial Monitoring Committee (JMMC), Sept. 22 in Vienna, Austria.
In this regard, he urged participating countries to achieve 100 percent conformity without further delay.
“Had every participating country conformed fully since the beginning of the Declaration of Cooperation, the market would have already rebalanced,” said OPEC secretary general.
There should be no doubt that the production adjustments that were extended in May 2017 will remain vital to the market rebalancing process in the coming months, he added.
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.
Volume of Azerbaijan’s investments in Southern Gas Corridor revealed
Up to 15 September 2017, Azerbaijan’s Southern Gas Corridor CJSC has invested $7.6 billion or 62 percent of the total of $12.3 billion (total funding needs in 2014-2020) required for the financing of its participating interests in the Projects, a source in the Southern Gas Corridor CJSC told Trend.
"Above all, we would like to emphasize that total capital expenditures expected to be made at company (SGC CJSC) level, as well as at the level of the Projects (total costs), declined," added the source.
The Southern Gas Corridor is one of the priority energy projects for the EU. It envisages the transportation of gas from the Caspian region to the European countries through Georgia and Turkey.
At the initial stage, the gas to be produced as part of the Stage 2 of development of Azerbaijan's Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.
As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans Anatolian Natural Gas Pipeline and Trans Adriatic Pipeline.