SOCAR President: "More than 68.2 bln USD invested in oil and gas sector of Azerbaijan under PSA"

Baku. 20 September. REPORT.AZ/ In 1995-2016, under the Production Sharing Agreements (PSA) more than 68.2 bln USD invested in oil and gas sector of Azerbaijan.

Report informs, Rovnag Abdullayev, President of the State Oil Company of Azerbaijan Republic (SOCAR)  stated in the aticle published in "Azerbaijan" newspaper on the occasion of the Day of Oilmen.

SOCAR President noted in article that 22 years have passed since turning point in the modern history of Azerbaijan on September 20, 1994: "But the course of events shows that, over the time a historical significance of the Contract of the Century is not decreasing, but increasing. Currently, SOCAR with signed 17 PSA agreements with 23 companies from 15 countries is successfully representing Azerbaijan.

At the same time, 36 joint ventures, 6 alliances founded by SOCAR, activities of foreign subsidiaries covers oil and gas industry in almost all areas.

In 1995-2016, under the Production Sharing Agreements (PSA) more than 68.2 bln USD invested in oil and gas sector of Azerbaijan", R. Abdullayev stated.

"In the sail-away ceremony of "Shah Deniz-2" platform Azerbaijani President Ilham Aliyev said on the matter: Today, on the world map Azerbaijan is known as reliable partner and a country worthy of respect. We have created good conditions for foreign investors and fulfill all obligations. Their investments are protected under the law. Azerbaijan is a very attractive country for investment. I am glad that now, local and foreign investments made not only in the oil and gas sector but in other sectors as well. Foundation of all these works have been laid on September 20, 1994."

SOCAR President also noted as part of the Contract of the Century ,"Azeri","Chirag" and development of deep-water part of "Guneshli" fields rich with huge hydrocarbon reserves is the largest oil project carried out in Azerbaijani sector of the Caspian Sea.

According to him, up to date "Azeri-Chirag-Guneshli" (ACG) produced 407 mln tons of oil and 124.3 bln cubic meters of gas.

By the end of agreement 5 bln barrels of oil expected to extract from ACG.