Rovnag Abdullayev: Signing of a new Contract of Century on best-for-Azerbaijan conditions proves country’s economic power

12.10.2017,11:47


Argus International Oil Summit Azerbaijan 2017 started its work in Baku today.

During the summit president of the State oil company of Azerbaijan (SOCAR) Rovnag Abdullayev has stated that the signing of a new Contract of Century on development of oilfield block Azeri-Chirag-Guneshli field and create more favorable conditions for Azerbaijan testifies about the economic power of the country.

"In the course of the signing of the first Contract of Century in 1994, reserves of this block were estimated at 510 million tons. Since 1997, i.e. over 20 years active ACG production has been conducted and it was found out that there are still 550 million ton of non-produced oil on the field," he added.

As for the supply of Azerbaijani gas to Europe within the Southern Corridor Project, the SOCAR president said that works on all segments of the project are ongoing on schedule.

 

Ключевые слова: SOCAR Rovnag Abdullayev Azeri-Chirag-Guneshli