Azerbaijan celebrates Oil Workers Day

Azerbaijan celebrates Oil Workers Day

Azerbaijan, Baku, Sept. 20 /Trend/

Today, Sept. 20, a professional holiday of workers of oil and gas industry of Azerbaijan - Oil Workers Day, is celebrated in the country. The Oil Workers Day has been celebrated for already 16 years. The coincidence of this date with the day of signing the Contract of the Century is not accidental. Exactly this contract revived the oil and gas industry in the country and ensured the subsequent growth of the welfare and prosperity of Azerbaijan. Development of energy sector has led to particularly active growth of the non-oil sectors of the economy.

A production sharing agreement (PSA) on Azerbaijani Azeri-Chirag-Guneshli offshore fields block, which is rightly called the Contract of the Century was signed Sept. 20, 1994. "Despite that in subsequent years, many significant events took place in the oil industry of Azerbaijan, about 30 contracts were signed on various fields and perspective structures, new terminals were constructed, the Baku-Tbilisi-Ceyhan and Baku-Tbilisi-Erzurum pipelines were launched, the Contract of the Century remains the basis for the economic policy, since this document has given a boost to the development of the whole economy in the country.

Participants to the Azeri-Chirag-Guneshli offshore block development project are BP (operator, 37.43 percent), Chevron (11.27 percent), SOCAR (10 percent), INPEX (10.96 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itochu (4.3 percent), Hess (2.72 percent). The Contract is valid for 30 years.

Rising the oil production in Azeri-Chirag-Guneshli upon the contract was realized progressively - with launching new fields. The production on the Chirag field began in 1997, Central Azeri - in 2005, Western Azeri - in early 2006, Eastern Azeri - late 2006. The production in Deepwater Guneshli started in mid 2008. But the process has not stopped with it. This year, Chirag oil project (COP) was approved, which implies increasing Azeri Light oil production on the Azeri-Chirag-Guneshli block. The project involves the construction of the new platform Western Chirag and the necessary pipelines. First production from this platform is scheduled for late 2013. COP (by the end of the contract on ACG in 2024) is envisaged for production of a total of 300 million barrels oil.

The oil produced from ACG is exported to world markets via the Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines. This month billionth barrel of oil was shipped from Turkish Port of Ceyhan.

The significance of the Contract of the Century is not limited to the funds received by the Republic from oil sales. The agreement approved Azerbaijan as a reliable partner for the implementation of various projects and multibillion-dollar investments in the country. Exactly this contract increased confidence towards the country, which has led to the implementation of various projects both inside and outside the country.

Today, Azerbaijan has also turned from the recipient of oil export funds into the investor investing in various sectors of the economy outside the country. Oil revenues have provided country with the opportunities to implement projects in Georgia, Turkey and other countries.

Thanks to the contract on Azeri-Chirag-Guneshli development, Azerbaijan not only ensured its energy security, but is also preparing to participate in ensuring Europe's energy security.

Despite the considerable development of the energy sector of the economy, the development of non-oil sector of Azerbaijan's economy continues with speed rates. Today, the country focuses on the development of such spheres as agriculture, transport, telecommunications, infrastructure, tourism, culture, science.

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