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01.12.2016 13:11

SOCAR reports on grown prime cost of oil & gas production

The State Oil Company of Azerbaijan (SOCAR) has informed about serious increase of the prime cost of oil & gas production.

The SOCAR annual report for 2015 says that last year the prime cost of Company’s production of a ton of oil increased from 91.63 up to 94.74 manat (approximately 12.7 manat a barrel) or by 3.4%.

The prime cost of production of 1,000 cu m of gas increased from 37.19 to 39.74 manat (about 1.14 manat per 1 mmBtu) or 6.8%.

The Company estimates that the prime cost of oil production, excluding royalties, could increase from 80.51 to 83.63 manat and gas from 30.51 to 33.01 manat.

As of 1 January 2016 the exchange rate reached AZN 1.561 to the US dollar.

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