Azerbaijan celebrates Day of Oilmen

On September 20, Azerbaijan celebrates the professional holiday of oil industry workers – Day of Oilmen. This date holds special significance, as it marks the 30th anniversary of the legendary agreement known as the Contract of the Century, which fundamentally changed the country's fate and propelled it into the global energy market.

Historical roots and contemporary achievements

Azerbaijan's oil industry has deep historical roots. The first industrial exploitation of oil fields began back in the 19th century, and Baku quickly became known as the Black Gold City. As a result, in 1901, Azerbaijan produced 11 million tons of oil, accounting for more than 50% of global oil production.

However, the collapse of the Soviet Union and the transition to a market economy posed difficult challenges for the country. The signing of the Contract of the Century in 1994 marked a turning point. This agreement on the joint development of the Azeri-Chirag-Gunashli field with the world's leading oil companies not only brought significant investments to Azerbaijan but also enabled the creation of a modern oil infrastructure and increased production efficiency.

The Contract of the Century played a crucial role in Azerbaijan's development. Revenues from the oil industry significantly increased the state budget, allowing for the financing of social programs and infrastructure projects. Azerbaijan became a reliable energy partner for many countries worldwide, and its oil was in demand on the global market. Collaboration with international companies helped introduce the latest technologies in the country's oil industry.

Moreover, the successful implementation of the large-scale oil project strengthened Azerbaijan's statehood and boosted its prestige in the international arena.

Azerbaijan on the World Oil Map

Today, Azerbaijan occupies a significant place on the world oil map. The country is one of the largest oil exporters in the Caspian Sea region and actively participates in the implementation of international energy projects. Although Azerbaijan's share in global oil production is relatively small, its strategic position and rich hydrocarbon reserves make it an important player in the world energy market.

Azerbaijan plays a vital role in the energy security of many countries through its oil and gas production. All this has been achieved thanks to the hard work of oil workers and the richness of the fields. Since the commissioning of the Azeri-Chirag-Gunashli fields until September 1 of this year, 595.8 million tons of oil and over 225 billion cubic meters of gas have been produced. More than 4.3 billion barrels of ACG oil have been transported to world markets via the Baku-Tbilisi-Ceyhan pipeline. From 2001 to September 1 of this year, the volume of revenues from the sale of profit oil under the ACG field amounted to $174 billion.

Despite significant achievements, Azerbaijan's oil industry faces new challenges related to global energy trends, such as the transition to renewable energy sources and the decrease in oil demand. To maintain its leading position in the world market, Azerbaijan is actively working on diversifying its economy, developing non-energy sectors, and investing in innovative technologies. One of the priority areas is the development of the gas industry and the export of natural gas.

Thus, the Day of Oilmen is not only a professional holiday but also a symbol of national pride. Over the past 30 years, the Contract of the Century has proven its effectiveness and laid the foundation for Azerbaijan's prosperity. However, to maintain its position in the world energy market in the future, the country will continue to invest in the development of its oil industry, implement innovations, and adapt to the changing conditions of the global economy.