Minister: Azerbaijan produced 740 million tonnes of oil in past 25 years

Azerbaijan produced 740 million tonnes of oil in past 25 years, Energy Minister Parviz Shahbazov said at the press conference held at New Azerbaijan Party, Report informs.

He spoke about the significance of the Contract of the Century and noted that the contract strengthened Azerbaijan’s international position: "Azerbaijan has a special place in the world oil market. We can clearly see this contract’s role in our life and Azerbaijan’s fate."

The minister said that $36 billion has been invested in Azeri-Chirag-Deepwater Guneshli block of fields so far and this block brought $143 billion to Azerbaijan: "These fields have produced 492 million tonnes of oil and 161 million cubic meters of gas so far."

According to him, in the eight months of 2019, oil production amounted to 25.1 million tonnes, of which 209 million tonnes were exported.

"In the reporting period, daily production was 769,000 barrels, which means fulfillment of our commitments before OPEC," the minister said.