62 bln USD invested in oil and gas projects of PSA Azerbaijan

Baku. 21 September. REPORT.AZ/ Under international oil and gas agreements, such as PSA (Production Sharing Agreement) signed in Azerbaijan in 1994-2015 years, generally about 62 bln USD were invested

Report informs, SOCAR President Rovnag Abdullayev stated in the article published in "Azerbaijan" newspaper on the occasion of Professional Day of Oilmen.

The article notes that, together with the foreign oil companies extensive work on search and exploration, drilling, construction, distribution were carried out and obtained successful results.

SOCAR president noted the "Contract of the Century" laid the foundations of cooperation between the countries of the Caspian Basin and Western transnational corporations, more than 20 international energy companies involved in oil and gas operations:"In addition, SOCAR and its subsidiaries are parties to agreements on production sharing, signed with 27 companies from 15 countries.Our 36 joint ventures, 5 alliances, numerous subsidiaries in foreign countries and 13 representative offices cover, may be said all spheres of modern oil and gas industry.During this period, the discovery of large gas condensate field "Shah Deniz" of "Ashrafi" and "Garabagh" fields in recent years - "Absheron" and "Umid".

"Large-scale activities at the block of fields" Azeri-Chirag-Guneshli "since the first oil in 1997 and until today, gave a strong impetus to the rapid development of oil production in the country.In recent years, developed a program to increase production on the block, defined future development strategy for the project.A successful outcome is the supply of oil in the system since last year produced by the oil project, "Chirag", which serves the purpose of maintaining the long-term oil production at the highest level in the framework of the "Contract of the Century".Now on the platform "West Chirag" there are 8 wells with daily production of more than 14.5 thousand tons of oil and 2.6 mln cubic meters of gas.This project will help to maximize oil recovery at the ACG", Mr. Abdullayev said.