Baku / 14.09.17 / Turan: SOCAR's share in the new contract for the development of the Azeri-Chirag-Guneshli (ACG) field block in the Azerbaijani sector of the Caspian Sea until the year 2050 will be 25%. This was announced by Azerbaijani President Ilham Aliyev, speaking at the signing ceremony of the contract today.
He called this event the beginning of a "new era in the development of ACG fields.
According to him, the new contract will be signed under conditions more favorable for Azerbaijan than the previous agreement signed in 1994.
"So, SOCAR's share in the new contract will be 25% (under the current contract 11.65%) In addition, after signing the contract foreign investors will pay Azerbaijan $ 3.6 billion in various bonuses, and the share of profitable oil will be 75%," Aliyev stressed.
He added that 436 million tons of oil have been produced for 23 years of the development of the ACG block, and currently, about 500 million tons of oil are yet to be produced. -06D--
Energy
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We are already negotiating with a number of other European countries located near those who are already receiving our gas. I think this will be possible in the coming years, the President of Azerbaijan, Ilham Aliyev, stated in an interview with local television channels on January 7.
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The main indicator for us is the development of the non-oil sector, because recently we have faced a decline in oil production, the President of Azerbaijan, Ilham Aliyev, stated in an interview with local television channels on January 7.
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The State Oil Company of Azerbaijan (SOCAR), which had been operating at a loss for a long time and was constantly reliant on the state budget, is now operating profitably, the President of Azerbaijan, Ilham Aliyev, said in an interview with local television channels on January 7.
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The President of Azerbaijan, Ilham Aliyev, announced that in 2025, the country hopes to receive the first gas under the "deep" gas project (gas extraction from deeper layers) from the Azeri-Chirag-Gunashli (ACG) field. This year, we hope to receive the first gas as part of the "deep" gas project at the Azeri-Chirag-Gunashli field. This will be a significant contribution to overall gas production, said Aliyev in an interview with local television channels.
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