Rovnag Abdullayev: New ACG agreement signing shows strength of Azerbaijan's economy

Baku. 12 October. REPORT.AZ/ Signing of a new agreement on development of the "Azeri-Chirag-Gunashli" (ACG) fields block in the Azerbaijani sector of the Caspian Sea last month and creation of more favorable conditions here for Azerbaijan once again demonstrates the strength of Azerbaijan's economy.

Report informs, Rovnag Abdullayev, President of the State Oil Company of Azerbaijan Republic (SOCAR) said at the opening of the Argus International Petroleum Summit starting today in Baku.

He stated that when the agreement on ACG was signed in 1994, the block's reserves were estimated at 510 mln tons: "Since 1997, namely for 20 years, production is being carried out from the fields block. It was determined that there are over 550 mln tons of unextracted oil reserves".

Speaking about the Southern Gas Corridor (SGC) project to transport Azerbaijani gas to Europe, SOCAR President noted that the works on all segments of the project continue due to schedule: "Azerbaijani gas will be transported to Turkey via TANAP in 2018 and to Europe through TAP in early 2020".