The 400 million tons of untapped reserves of the Azeri-Chirag-Gunashli (ACG) field block will ensure the sustainable development of Azerbaijan until 2050, Energy Minister Parviz Shahbazov said in his speech at the event dedicated to the 100th anniversary of the birth of national leader Heydar Aliyev titled "National leader Heydar Aliyev is the author of Azerbaijan's independent energy policy", Report informs.
According to the minister, President of Azerbaijan Ilham Aliyev, with his determination, strategic vision, and high leadership qualities, not only fulfilled his father's will by being the architect of Azerbaijan's sustainable development, territorial integrity, and new geopolitical realities in the region but also successfully upgraded Azerbaijan's energy policy to a new level:
"The Contract of the Century turned into the Contract of the 21st Century at a new stage. We expect the first production from the Azeri Central-Eastern offshore platform within the framework of this contract next year. Also, the deep gas projects in the Umid-Babak, Absheron, Karabakh, Shafaq-Asiman, the Shallow Water Part of the Absheron Peninsula, and the Azeri-Chirag-Guneshli fields are a completely new stage in the development of Azerbaijan as an oil and gas country.