BAKU, Azerbaijan, Dec. 12
By Anastasia Savchenko – Trend:
More than 500 million tons of oil will be produced at the Azeri-Chirag-Gunashli (ACG) block of fields by 2050, First Vice-President of the Azerbaijani State Oil Company SOCAR, academician Khoshbakht Yusifzade said in an interview to Xalq newspaper, Trend reports.
“A signing ceremony of a new contract on development of the Azeri-Chirag-Gunashli block of oil and gas fields by SOCAR and BP was held at the Heydar Aliyev Center on September 14, 2017,” Yusifzade said.
“In his speech, Azerbaijani President Ilham Aliyev praised the work carried out within the “Contract of the Century” and spoke about the terms of the new contract,” the first vice-president added. “Very favorable conditions for Azerbaijan have been stipulated in this agreement."
Yusifzade stressed that the distribution of income from hydrocarbon production remains in the same proportion as till now - that is, 75 percent to Azerbaijan and 25 percent to contractors.
"This ratio will not change until 2050," the first vice-president said.
Yusifzade emphasized that the partner companies will pay a bonus worth $3.6 billion to the Azerbaijani government within the contract.
"Two billion tons of oil were produced in Azerbaijan by November 8, 2017,” the first vice-president said. “President Aliyev congratulated the oil workers and our people on the production of a two billionth ton of oil."
Azeri-Chirag-Deepwater Gunashli is a group of Azerbaijani offshore oil and gas condensate fields in the southern water area of the Caspian Sea, 90 kilometers east of Baku.
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