BAKU, Azerbaijan, August 15. This week it became known that European Bank for Reconstruction and Development (EBRD) is negotiating with Azerbaijani Ministry of Economy on the possible inclusion of more cities in the EBRD's Green Cities program, Trend reports.
It was also reported this week that in 2024 it is planned to increase the capacity of the Greece-Bulgaria interconnector (IGB), which provides for the transportation of Azerbaijani gas, from 3 billion to 5 billion cubic meters.
In addition, the timeframe of the start of Azerbaijani gas supplies via IGB was announced.
According to the Executive Director of Bulgargaz Bulgaria's public natural gas supplier Lyudmil Yotsov even if the interconnector is ready for operation on October 1, SOCAR Azerbaijan's state oil and gas company has already stated that time is needed for rechecking, which means that a decision may be made to start supplying Azerbaijani gas through the interconnector from November 1.
Also this week OPEC unveiled forecast on the volume of liquid hydrocarbon production in Azerbaijan.
According to the forecast, the production of liquid hydrocarbons in Azerbaijan will grow to 47,000 barrels per day on an annual basis by the end of 2022 and will average 0.8 million barrels per day.
In addition, JOCAP, a joint operating company of SOCAR Absheron and TOTAL E&P Absheron B.V., informed about the ongoing technical work within the framework of the Absheron field development project.
JOCAP and its contractors are using the 'Azerbaijan' crane barge after conducting some final tests of the mooring system and the main crane.
"Within a few weeks, we will start moving the platform elements to the berth for loading onto transport barges. Their installation is scheduled for August and September," the company stated.
Also this week it became known that the Energy Information Administration (EIA) of the US Department of Energy has changed its forecasts for oil production in Azerbaijan.
According to the new forecast, the production of oil and liquid hydrocarbons in Azerbaijan will average 0.66 million barrels per day in 2022 compared to 0.68 million barrels per day in the previous report of the department.
In addition, it became known that the International Energy Agency (IEA) published a forecast for oil production in Azerbaijan in 2022.
The International Energy Agency (IEA) expects Azerbaijan’s oil production to stand at 0.68 million barrels per day in 2022, as compared to 0.69 million barrels per day in the previous report.
The agency estimates the country’s oil output at 0.67 million barrels per day compared to 0.68 million barrels per day than in the previous report.
Also this week it became known that Moody's upgraded the ratings of SOCAR State Oil Company of the Republic of Azerbaijan from Ba2 to Ba1, including the corporate family rating (CFR) and the priority unsecured rating.
