Parviz Shahbazov: Foreign investment in oil and gas sector amount to $89B

Foreign investment in Azerbaijan's oil and gas sector reached $89 billion in 27 years, Minister of Energy Parviz Shahbazov said at the event dedicated to the 100th anniversary of the birth of National Leader Heydar Aliyev and themed 'National leader Heydar Aliyev is the author of Azerbaijan's independent energy policy.'

Shahbazov announced that the development of the Azeri-Chirag-Gunashli (ACG) block of fields and the Shah Deniz gas field projects yielded an income of $170 billion:

"Nearly 569 million tons of oil, 40.6 million tons of condensate, and about 390 billion cubic meters of gas were extracted from ACG and Shah Deniz fields."

According to the minister, the markets for the 130 billion cubic meters of gas exported so far have been further diversified through the South Caucasus Pipeline, the Trans-Anatolian Gas Pipeline (TANAP), and the Trans-Adriatic Gas Pipeline (TAP).