Azerbaijan has published its EITI data for 2015 including details about the country’s legal and fiscal regimes, license allocation and registration, contracts, oil sales by the State Oil Company of the Azerbaijan Republic (SOCAR) and more. [See more].
According to the report, Azerbaijan received USD 8.9 bn (8.7 billion manat) from the extractive sector in 2015, which is equivalent to 50.7% of the total government budget in that year. This is a 51% decline of revenue from the extractives compared to 2014, showing that the drop of oil prices is taking its toll on oil dependent economies - 1 barrel of crude oil in Azerbaijan cost USD 54.3 in 2015 (2015 EITI Report, p. 37) while 1 barrel of crude oil in 2014 cost USD 100.8 (2014 EITI Report, p.35).
Notwithstanding the fall in commodity prices, the report also notes that new exploration activities are underway. A new contract between BP and SOCAR covering the Apsheron Peninsula came into force in 2015. SOCAR and Zenith Aran Oil Company also signed a deal on exploration, development and production sharing in the Muradkhanli, Jafarli and Zardab fields in March 2016.