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Azerbaijan oil output to reach 2 billion tonnes

20 September 2017 08:40 (UTC +04:00)

Abdullayev noted that Azerbaijan is known as a source of alternative source of hydrocarbon, reliable partner of transnational oil and gas companies, indispensable country in the system of global energy security: “Azerbaijan implemented projects on transportation of energy carriers to the world markets. The achievements within the Contract caused foreign oil and gas companies to be interested in hydrocarbon reserves of Azerbaijan. For the present, the Production Sharing Agreement (SPA) signed on 17 projects is successfully being implemented. 35 joint ventures, 6 alliances, subsidiary companies in different countries cover all fields of the modern oil and gas industry. Shahdeniz gas and condensate field, Asrhafi and Karabakh fields have been found. Absheron and Umid fields were launched. 20 years have passed since first oil extracted from ACG. We expect the oil production in Azerbaijan to reach 2 billion tonnes soon”.

According to him, on the eve of the Day of Oilmen, a new contract was signed on extension of agreement on ACG development by 2050.

According to the contract, SOCAR’s share in ACG will increase from 11.65% to 25%, $3.6 billion will be paid to SOFAZ in bonus. In the next 32 years, $40 billion is expected to be invested in ACG. Profit oil for Azerbaijan will make up 75%.