Foreign investments in Azerbaijan’s petroleum industry: figures since 1994

BAKU, Azerbaijan, June 8. The overall foreign investments made in Azerbaijan’s petroleum industry as of 2022 amounted to $108 billion, a source familiar with the matter told Trend.

The table below shows the breakdown of for years since 1994:

No data is available from 2016 to 2019. The largest amount of investments so far was recorded in 2014 at $8.22 billion. The highest year-on-year increase was in 1996 when the investments more than tripled.

The milestone event in Azerbaijan’s oil industry was the signing of the Contract of Century in 1994.

The $7.4 billion agreement involved 11 international oil companies and envisaged development of Azeri-Chirag-Gunashli block.

Azeri-Chirag-Gunashli block of fields has produced 207.8 billion cubic meters of gas since the start of development until May 1, 2023. The volume of production at Chirag field during this period stood at 30.4 billion cubic meters, while Azeri and Deepwater Gunashli produced 160 billion cubic meters and 17.4 billion cubic meters, respectively.

ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGCVidesh (2.31%).

BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.

bp’s data shows that Azerbaijan’s total proved oil reserves stood at 7 billion barrels or 1 billion tons at the end of 2020.

The company estimates that Azerbaijan accounts for 0.4 percent of the world’s total proved oil reserves.

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