Oil output declines 7-10% per year in Azerbaijan - SOCAR

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# 13:45
25 April 2017

“This is normal. We are trying to prevent this. We expect oil output to stabilize in 2020. This will mainly be related to a new contract to be signed on ACG development. Terms of oil contracts that Azerbaijan signed have not changed and this factor is important for foreign investors. Oil price was $12 when the Contract of the Century was signed, $60 when BTC was launched and $92 when Shahdeniz was launched. Price change did not cause investors’ interest in our projects to decrease”, Baylarbayov said.

 

SOCAR official noted that $220 billion has been invested in Azerbaijan’s oil sector so far and SOFAZ has earned $120 billion from these projects. 

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THE OPERATION IS BEING PERFORMED