Home / Economy / New Era Begins in Development of Giant Azeri, Chirag, Gunashli Oil Fields
Azeri, Chirag, Gunashli

New Era Begins in Development of Giant Azeri, Chirag, Gunashli Oil Fields

The new era begins in the development of giant Azeri, Chirag, Gunashli oil fields, said Azerbaijan‘s President Ilham Aliyev, trend.az reports.

Amended and Restated Agreement has been signed on the Joint Development and Production Sharing for the Azeri and Chirag fields and the Deep Water Portion of the Gunashli field in the Azerbaijani sector of the Caspian Sea on Sept. 14.

“The agreement on development of Azeri, Chirag and Gunashli oil fields will be extended until 2050. The agreement is more beneficial for Azerbaijan. Although the agreement signed in 1994 also fully met our interests, this time it will be signed on better terms,” said Ilham Aliyev.

“I would like to bring to your attention some basic parameters of the document,” said the president.

He pointed out that after the signing of the agreement, the country will receive $3.6 billion in bonus from foreign investors.

“SOCAR’s AzACG company will take part in the fulfilment of the agreement as a contractor. SOCAR’s share will increase from 11.6 percent to 25 percent and the share of profit oil for Azerbaijan will stand at 75 percent,” said President Aliyev.

“Of course, the agreement includes many conditions and these basic terms already show that this agreement has a great importance for Azerbaijan’s future development and for expanding our financial opportunities. At the same time, I would like to mention that the agreement was fulfilled with great success over 23 years and 436 million tons of oil was produced from Azeri, Chirag and Gunashli fields during these years.”