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Investments in Azerbaijan's oil, gas sector hit $1.1 billion in Q1

Investments in Azerbaijan's oil, gas sector hit $1.1 billion in Q1

Baku, May 25 - Neftegaz.RU. The volume of investments in Azerbaijan's oil and gas sector increased by 18.8 percent year-on-year in the period between January and April, amounting to 1.1 billion dollars, the State Statistics Committee told local media.

According to the State Statistics Committee, the oil and gas sector generated products worth $4,6 billion (AZN 7,87 billion) in the first quarter of 2020.

Production in this sector grew by 1.6 per cent compared to the same period last year. The value-added in the oil and gas sector also increased by 1.5 per cent.

Accordingly, 63.1 per cent of industrial output was produced in the mining sector in the first quarter of 2020. Thus, last month, the producer price index for industrial products was 66 per cent compared to February, including 58.5 per cent for the mining industry.

As of April 1, 33,700 people were employed in the oil and gas sector of the economy. In January-March, the nominal wage in the oil and gas sector amounted to $2,257 (3,830 AZN).

As reported earlier, from May 1, 2020 Azerbaijan started reduction of oil production within the framework of obligations under the new deal OPEC+. Under the new agreement, Azerbaijan, which produced 718,000 bpd of crude oil in October 2018, should reduce production by 164,000 barrels.

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