Azerbaijan, Baku, Jan. 23 /corr. Trend S.Aliyev /
"There is no need to adopt new oil-and-gas legislation in Azerbaijan as the existing laws effectively regulate the sector," Vice Parliamentary Speaker and Chairman of the Parliamentary Commission on the Ecology, Natural Resources and Energy Valeh Aleskerov said at a meeting with the Caspian Integration Business Club (CIBC) on Jan. 23. "All the contracts that have been signed for exploring, producing and restoring offshore and onshore fields in Azerbaijan have the force of law," he said. "These documents effectively ensure that energy-development projects are implemented in Azerbaijan."
Today, nearly 30 PSAs have been concluded for exploring, producing and restoring offshore and onshore fields in Azerbaijan. The largest oil-producing contract is for developing the Azeri-Chirag-Guneshli fields. The largest gas contract is for developing the Shah Deniz gas-condensate field.
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