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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From January to May 2024, Azerbaijan imported 616.2 thousand tons of oil Russia, a third more compared to last year, Interfax reports. In monetary terms, the cost of imported Russian oil has also risen by almost a third — to $339 million. In total, Azerbaijan purchased 742.3 thousand tons of black gold in the first five months of this year (+18% compared to January-May 2023) for $416 million. Thus, Russia's share in Azerbaijani crude oil imports amounted to 83%.
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1.11 billion barrels of oil were produced from the “Central Azeri” platform, commissioned in February 2005, as part of the full-scale development of the Azeri-Chirag-Guneshli (ACG) field, by July 1, 2024, the State Oil Company of Azerbaijan (SOCAR), which has a 25 percent share in the ACG project.
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Yesterday, Azerbaijani Economy Minister Mikail Jabbarov held a meeting with Ahmed Moalim Figi, Somali Minister of Foreign Affairs and International Cooperation. They discussed issues related to bilateral economic relations between the countries and potential partnership opportunities in the energy sector. The parties stressed the expediency of establishing mutually beneficial economic ties between the two countries, expanding the contractual and legal framework in order to support the development of relations, as well as exchange of experience in areas of mutual interest.
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Azerbaijani gas supplies to Serbia may be increased in the foreseeable future, the parties are currently discussing this issue, the Minister of Labor and Social Protection of the Population of Azerbaijan Sahil Babayev told journalists.
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