President: ‘Karabakh’ is first oilfield discovered in Azerbaijan during the period of independence


August 10, Fineko/abc.az. In the 1990s, as a result of implementing the oil strategy, Heydar Aliyev signed a revenue sharing agreement. In the 1990s, three wells were drilled in this field.

However, foreign partners did not believe in the effectiveness of the Karabakh field, the contract was terminated, and the Karabakh field was abandoned. But our experts were fully confident that this field has a very large potential, and life has confirmed this. The fourth well drilled this year proved to be effective, and thus the field was fully discovered.

ABC.AZ reports that President Ilham Aliyev made the above-mentioned statement in an interview for an Azerbaijani TV channel on 10 August after the ceremony of launching the jacket of Karabakh field at the Heydar Aliyev Baku Deepwater Jacket Factory.

The head of state said: "I should also note that this is the first oil field discovered in Azerbaijan during the period of independence. Because the Azeri, Chirag, and Guneshli fields were discovered in the Soviet times. The Shah Deniz and Absheron fields are gas condensate fields. As an oil field, this is the first field, and it is the largest structure built in the Caspian Sea. Therefore, we can talk a lot about the significance of this project. I am sure that in the coming years, Karabakh and other fields will be successfully exploited and will bring great benefits to our country."