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Thursday, 14 September 2017 10:00

New oil contract signed in Baku Featured

New oil contract signed in Baku

Today, September 14, a contract has been signed for development of deep-lying formations of the Azeri-Chyrag-Gunashli fields.

President of Azerbaijan Ilham Aliyev, UK Minister of State for Europe and the Americas Alan Duncan, Minister of Energy of Turkey Berat Albayrak and BP CEO Bob Dudley attended the official ceremony.

President of Azerbaijan Ilham Aliyev said: “The signing the Azeri-Chyrag-Gunashli contract will entail investment worth $3.6 billion as bonuses from foreign investors to be contributed into Azerbaijan. The term of development of the fields is extended to 2050. The share of SOCAR will be 25%. The profitable oil of Azerbaijan will account for 75%”.

“During the signing of the Contract of the Century the output from the ACG fields was expected to comprise 511 million tonnes of oil, but the results have exceeded expectations. At present, 500 million tonnes of oil still remain untapped at the Azeri-Chyrag-Gunashli fields”, President of Azerbaijan Ilham Aliyev said at the signing of the new contract on Azeri-Chyrag-Gunashli fields, Caspian Energy News ( reports with reference to

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Person in charge of the newsline: Fidan Isayeva

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