The President of Azerbaijan Ilham Aliyev met management of Azerbaijan's state oil firm, SOCAR, as the Umid gas field had been commissioned in the Caspian Sea, which is one of the remarkable events in the country's oil and gas history, AzerTAj state news agency reported.
The President said SOCAR conducted exploration in the Umid field, praising the fact Azerbaijani experts had been involved in the sea exploration work. The Head of State said Azerbaijan strengthened its positions in the world energy system, noting the country`s initiatives created a new situation in the industry.
President Ilham Aliyev said Azerbaijan`s achievements in oil and gas industry were highly praised throughout the world.
The Head of State said investment made in sea fields was of particular importance, adding SOCAR`s exploration on the Umid field was another success of Azerbaijan.
"It once again proves that Azerbaijan is not only an oil, but also a gas country."
President Ilham Aliyev said the development of the Umid field would increase Azerbaijan`s gas potential.
"This field has a great future," he added.
SOCAR President Rovnag Abdullayev and first vice president Khoshbakht Yusifzade highlighted the development work on and prospects of the Umid field. They said the field, 70km from Baku, had "much more gas reserves than forecast".