Managing Oil Wealth: The Case of Azerbaijan
IMF Special Issues, April 21, 2004
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- Managing Oil Wealth: The Case of Azerbaijan
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Bibliographic details
- Authors: Niko A Hobdari, Chonira E Aturupane, Eric Le Borgne, Koba Gvenetadze, John Wakeman-Linn, Stephan Danninger
- Published: April 21, 2004
- Series: IMF Special Issues
- DOI: https://doi.org/10.5089/9781589063082.058
Summary
- Oil and gas production in Azerbaijan were projected to increase sharply in 2005 and 2006, respectively.
- Production peaks projected: 1.3 million barrels a day in 2009 and 20 billion cubic meters a year in 2010.
- Expected revenues over the next 20 years will be substantial but are projected to return to 2004 levels by 2024.
- The book addresses managing this temporary windfall to allow for economic diversification and increased living standards, drawing largely on lessons—mostly negative—from the experiences of other countries.
Projections and timeline
- Sharp increases in production: 2005 (oil) and 2006 (gas).
- Peak oil production: 1.3 million barrels a day in 2009.
- Peak gas production: 20 billion cubic meters a year in 2010.
- Revenue trajectory: substantial over the next 20 years, returning to 2004 levels by 2024.
Policy findings and guidance
- Central objective: manage a temporary windfall to support economic diversification and higher living standards.
- Guidance is based largely on lessons drawn from other countries’ experiences, which are characterized as mostly negative.
- Policy topics signaled by subject keywords: Commodities, Environment, Expenditure, Fiscal policy, Natural resources, Oil, Oil prices, Oil, gas and mining taxes, Prices, Taxes.