A new contract on the Azeri-Chirag-Gunashli (ACG) is planned to be signed in a few days, Azerbaijani President Ilham Aliyev said on Wednesday.
“We will continue our activities in this field by 2050. This once again shows that has very large oil reserves,” President Aliyev said at a ceremony of launching the state-of-the-art Khankendi subsea construction vessel built as part of the Shah Deniz 2 project, APA reported.
The head of state recalled that when the Contract of the Century was signed in 1994, some circles both inside the country and abroad said that there was not enough oil in Azerbaijan including the Azeri-Chirag-Gunashli field.
“They claimed that there was no need to build any oil pipeline, because it would remain empty. We have been extracting oil and gas from the ACG field for twenty years. The production started in 1997, and twenty years later, a new contract will be signed, according to which oil will be produced in sufficient quantities from ACG field until 2050. This is also a response to negative and biased views, and also demonstrates that our country has a huge energy potential,” said the president.
He stressed that the Shah Deniz field’s reserve is estimated at 1.2 trillion cubic meters of gas.
“This is one of the world's largest gas fields. Our gas reserves are 2.6 trillion cubic meters. So, Azerbaijan will supply itself and many other countries with natural gas at least in the next 100 years,” President Aliyev added.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on Facebook
Follow us on Twitter
