Azerbaijan marks the Day of Oilmen and the 11th anniversary of the signing of the �Contract of Century’ concluded for the development of the Azeri-Chirag-Gunashli fields. The Day of Oilmen was set in 2001 at the decree by Azerbaijani President Heydar Aliyev. The �Contract of Century’ signed on 20 September 1994, put an end to active assimilation of oil and gas resources in the Azerbaijani section of the Caspian Sea.

The participants in the agreement, which founded the Azerbaijan International Operating Company (РђIOC), were US companies Amoco, McDermott, Unocal, Pennzoil, Exxon, British companies BP and Ramco, the Norwegian Statoil, the Russian LUKoil, the Turkish TPAO and Delta Oil of Saudi Arabia. Further the list of participant-companies underwent changes, the shares were re-distributed and re-purchased in the contract. McDermott left the contract, while the Japanese Itochu entered the AIOC, two oil giants - BP and Amoco merged. The U.S. Mobile entered the AIOC through uniting with Exxon, a participant in the contract, Besides, Devon Energy (former Pennzoil) appeared in the list of shareholders, the British Ramco left it in 2000, trough purchase of its share (2,0825%) to the Saudi-American alliance Delta Hess at $150m. Later the Russian LUKOIL also sold its 10% stake to Inpex of Japan.

ACG Participating Interests are: BP (operator вЂ" 34,1%), Unocal (10,2%), SOCAR (10%), INPEX (10%), Statoil (8,6%), ExxonMobil (8%), TPAO (6.8%), Devon (5,6%), ITOCHU (3,9%), Amerada Hess (2,7%).

Over the past 10 years 4 Presidents have managed the AIOC: Terry Davis, John Prichard, John Legat, and the current David Woodward.

In compliance with the intergovernmental agreement between Azerbaijan and Russia, in November 1997 the first oil ran via the Baku-Novorossiysk pipeline to the Black Sea port of Novorossiysk for further export to world markets.

An only then the export pipeline was unofficially named �northern route’. Under the first stage called �Early Oil Production Project’, Chirg-1 platform was built in Chirag field, which still produces oil.

Besides, the Sangachal terminal was built in line with the world standards and put into exploitation.

The Italian Saipem built subsea pipelines: 24-inch oil pipeline up to Sangachal terminal and 12-inch gas pipeline up to gas compression station in Oil Rocks. In 2005 the AIOC started the oil production fro the Central Azeri field.

In April 1999 a terminal in the Georgian port of Supsa and the Baku-Supsa oil pipeline were put into exploitation. By this way AIOC became an owner of the second export pipeline, which was named �western route’.

On 18 September 2002 the construction of the Baku-Tbilisi-Ceyhan (BTC) was set up in Sangachal, while on 25 May 2005 the first oil ran via the pipeline.

The BTC with an annual discharge capacity of 50 million tons will be mainly used for the transportation of oil produced from the ACG contract area. In the first stage the capacity of the pipeline will be used only in the volume of oil to be extracted from the Central Azeri and Chirag platforms. Under Phase 1 the AIOC intends to produce 18.7 million tons of oil a year. 7 million tons more will be produced from the Chirag field. Thus, Azerbaijan in the initial phase will be able to export to world markets 25 million tons of oil a year.

Then, infrastructure of the pipeline will be increased following the rise of production. By 2009 the production from the ACG will increase to 1 million barrels of oil a day at the expense of commencement of the Deepwater Gunashli field.

Uzbekistan’s tourism and investment potential presented in Turkey
Uzbekistan’s tourism and investment potential presented in Turkey
Turkey reports 1,243 new COVID-19 cases
Turkey reports 1,243 new COVID-19 cases
Turkey's export of leather goods to US down
Turkey's export of leather goods to US down
Loading Bars
Uzbekistan's national postal operator expands services
Multiple projects to be commissioned in Kazakhstan within industrialization roadmap
Angry Birds maker happy as stay-at-home gaming boosts profit
Iran is to sell oil bonds at stock exchange
Capacity of Georgian Kula canning company to increase
Turkmenistan’s Dashoguz region opens tender for construction, installation work
Output volume at Azerbaijan’s Kursangi, Garabagli fields revealed
Azerbaijani refugee from Armenia: Oppression of Azerbaijanis in Armenia began before 1988
Uzbekistan boosts trade turnover with Afghanistan during 1H2020
Turkmen manufacturer of suspended ceilings to expand its product range
British analyst: Uzbekistan to increase domestic electricity consumption over next decade
Weiss, CEO of Majid Al Futtaim – Retail, talks Uzbekistan's food retail market prospects
Mikayil Jabbarov: Azerbaijan-Israel partnership is strong, resilient, forward-looking
Azerbaijan's GDP slightly decreases
Maersk Drilling: Contracting activity for drilling campaigns with 2020 commencement to be limited
Global total utilization for jack-up rigs, floaters down
Georgian TBC Bank Group buys stake in its Uzbekistan branch
Azerbaijan’s Nakhchivan increases GDP volume
Number of flights over Iran's airspace increases
Azerbaijan's Kapital Bank to increase its authorized capital
Russia’s St. Petersburg, Turkmenistan boost cooperation
Kazakh coal extracting venture to buy filters via tender
Uzbek-Turkish JV to increase export of electrical goods from Uzbekistan's Samarkand
Money transfers to Georgia up in July 2020
Kazakhstan's Sunday Airlines resuming flights to Egypt
PETRONAS Carigali Sdn Bhd in Turkmenistan opens tender for provision of downhole equipment
Israel puts Georgia on list of 'green' countries
Central Bank of Uzbekistan establishes co-op with Central Bank of South Korea
Kazakhstan's export to Germany down during COVID-19
Indonesia's Widodo proposes $186 billion 2021 budget, 5.5% of GDP deficit
Bryza: By supplying military equipment to Armenia, Russia losing credibility as OSCE MG co-chair
Iranian National Tax Administration imposing tax on gold coin owners
Russia's St. Petersburg to supply ships to Turkmenistan
UK transport minister says people know the risks of travel in 2020
Graduates of Baku Higher Oil School awarded DAAD scholarships
Azerbaijani currency rates for August 14
Rehabilitation of Zemo Imereti-Racha road actively progressing in Georgia
Canadian oil & gas company aims to start operations in Uzbekistan
Azerbaijani Nakhchivan's mobile operators up revenues
Oil gains, heading for weekly rise amid hopes for fuel demand recovery
Azerbaijan discloses Consumer Price Index for July
Uzbekistan to open new tourist zone in its Navoi region
Georgia reports 23 new cases of COVID-19, 17 recoveries
Azerbaijan's AzStateNet network reveals, blocks more malware attacks
Bank of Georgia implements new project in field of agriculture
Italian ambassador to Turkmenistan completes his diplomatic mission in country
South Korean companies to build smart cities in Uzbekistan's Fergana
Turkmenistan, Russia's Tatarstan to join efforts to counter COVID-19
Antimonopoly Committee of Uzbekistan reveals data on approved transactions
Azerbaijan's statistics committee talks half-year trade performance with partner countries
Uzbekistan reports 724 new cases of COVID-19
Maersk Drilling reveals revenues from operations in Azerbaijan
Iran launches new transport corridor to Uzbekistan
Lower interest rates to help Georgian economy recover and increase access to finance
Iran's exporters under pressure of foreign currency revenue policy
Armenia violates ceasefire with Azerbaijan 29 times
Amazon to launch online drug sales in Indian city
Uzbekistan’s tourism and investment potential presented in Turkey
Pakistan army says border fencing with Iran to be completed by end of 2021
Number of request related to computer security drops in Azerbaijan
Japan allocates about $ 3 mln to Kyrgyzstan within framework of scholarship program
UK ready to share its renewable energy dev't experience with Uzbekistan (INTERVIEW)
Kutaisi International University Ready to Receive First Students
Iran's Embassy in Lisbon slams US attempts to extend arms embargo on Iran
Gunmen kill at least 14 in Nigeria attack
17 killed in fighting between Yemeni troops, Houthis in al-Jawf
EU to enter contract talks with J&J over 200 million doses of potential COVID-19 vaccine
Mexican central bank cuts rates to 4.5%, but pace of cuts might slow
'Massive poisonous shock': Scientists fear lasting impact from Mauritius oil spill
Brazil not yet ready to buy Russia vaccine, says health minister
New Southern California wildfire expected to linger for days
Zarif arrives in Beyrut
Turkey reports 1,243 new COVID-19 cases
Demand of Azerbaijani banks at foreign exchange auction grows
Indonesia's capital extends social restrictions for 4th time
Turkey's export of leather goods to US down
Ministry: Export markets of Georgian products annually increasing
Iran reveals value of trade turnover with Thailand
Kazakhstan increases import of French-made goods despite COVID-19
Average monthly wage rises in Azerbaijan
Azerbaijan, Iran discuss project for building power plants on common border
Ukraine reveals volume of seven-month import of Azerbaijani oil, petrochemicals
Russia leading among gasoline, diesel fuel exporters to Georgia
Several charter flights to be operated from Tbilisi International Airport
Interest rates on government securities decline in Georgia
Iran's auto part makers need financial support to continue production
Azerbaijani foreign minister receives Georgian ambassador (PHOTO)
NBG expects growth of larization to continue in Georgia
Azerbaijani consul general in LA meets with US Jewish Committee's members (PHOTO)
National Bank of Georgia sells funds to stabilize lari
Kazakhstan's Air Astana resuming flights to Germany
New type of fertilizer to be produced from greenhouse waste in Azerbaijan
Demand for Azerbaijani Central Bank's notes tops supply three-fold
Georgian Magticom starts testing 5G technology stations
Georgia sees increase in import of gasoline, diesel fuel
Turkish Defense Minister: We're with Azerbaijan till the end in its struggle against Armenia
Azerbaijani ambassador to Serbia detained as suspect
Kazakhstan's Development Bank talks measures to reduce COVID-related negative impact
President Ilham Aliyev receives delegation led by Turkish Minister of National Defense (PHOTO/VIDEO)
Azerbaijani Nakhchivan Autonomous Republic records decline in cargo shipment volume
All news