Azerbaijani energy minister talks volume of hydrocarbons produced from ACG

Oil&Gas Materials 24 July 2020 17:17 (UTC +04:00)
Azerbaijani energy minister talks volume of hydrocarbons produced from ACG

BAKU, Azerbaijan, July 24

By Nargiz Ismayilova - Trend:

As many as 514 million tons of oil have been produced so far from the Azeri-Chirag-Gunashli block of fields in the Azerbaijani sector of the Caspian Sea, while 127 billion cubic meters of gas and about 29 million tons of condensate - from the Shah Deniz field, Azerbaijan’s Energy Minister Parviz Shahbazov said.

Shahbazov made the remark during a speech on the "Energy policy of Azerbaijan and the growing role of renewable energy sources" topic within the 14th Baku Summer School at ADA University, Trend reports.

According to the minister, in 1995-2019 more than $85 billion of foreign investments were attracted to the oil sector out of a total volume of $140 billion.

"During this period, the total investment in the oil sector exceeded $106 billion," he said. “As a result of the energy policy launched by the national leader Heydar Aliyev and successfully implemented through multifaceted, modern and flexible solutions by President Ilham Aliyev, the main issues related to energy supply in Azerbaijan have been resolved and domestic energy demand fully satisfied.”

"At the same time, Azerbaijan has become an exporter of oil, gas and electricity. For many years, our energy policy has played an important role in ensuring not only the national and economic security of our country, but also the energy security of the whole Europe," Shahbazov added.