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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On November 23, President Ilham Aliyev signed a decree to improve governance in electricity and water supply management and address related issues. According to the decree, the Cabinet of Ministers of the Republic of Azerbaijan must take necessary steps within a month to transfer the functions of the State Energy Agency of the Nakhchivan Autonomous Republic (NAR) to the state-owned companies Azerenergy (the state monopoly for electricity production and transportation) and “Azerishig” (the state monopoly for electricity distribution).
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Azerbaijan currently exports oil to approximately 30 countries, and by December, the number of countries importing Azerbaijani gas is expected to reach 12, Azerbaijan's Energy Minister announced on November 22 in Istanbul during the energy forum at the session titled "Challenges and Opportunities for a Sustainable Future." However, the minister did not reveal the names of the new gas importers. At present, 10 countries officially import Azerbaijani gas: Georgia, Türkiye, Greece, Italy, Bulgaria, Romania, Hungary, Serbia, Croatia, and Slovenia.
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Azerbaijan's oil production is expected to reach 640,000 barrels per day in 2025, according to forecasts from the International Energy Agency (IEA). The IEA has kept its oil production forecast for Azerbaijan unchanged from its previous assessment made last month. The agency predicts that Azerbaijan’s oil production will start at 610,000 barrels per day in the first quarter of 2025, increase to 630,000 barrels per day in the second quarter, and reach 650,000 barrels per day in the third quarter.
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