On November 7, 1997 Azerbaijan International Operation Company (AIOC), which was created to develop the Azeri-Chirag-Guneshli (ACG) offshore fields, extracted the first oil on the Chirag-1 platform installed on the Chirag field.
According to BP-Azerbaijan company (operator), since that time over 84 million tons of oil was extracted on the Chirag-1 platform.
Till April 1999 oil extracted on the Chirag-1 platform was exported only via the Baku-Novorossiysk pipeline. Since launching of the Baku-Supsa pipeline in April 1999, majority of extracted oil was exported via the western route. At present oil only from the Chirag field is transported via the Baku-Supsa route. Over 66 million tons of Azerbaijani oil was delivered to the world markets via this route.
By November 1, 2013 over 320 million tons of Azerbaijani oil was delivered to the world markets via the ACG. During this period (since December 1999) Azerbaijan received over 165 million tons of oil ($91 billion) as profitable oil, incomes from which are transferred to the Oil Fund.
According to the BP estimates, till the end of the contract period (end of 2024 + 5 years) 730 million tons of oil could be extracted from ACG.
During 2012 32.9 million tons of oil was extracted within the ACG. This year it is expected to extract 32.5 million tons.—0—
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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