Azerbaijan marked the Day of Oilmen and the 12th anniversary of the signing of the 'Contract of Century' concluded in 1994 for the development of the Azeri-Chirag-Gunashli fields. After seven years Azerbaijani President Heydar Aliyev issued a decree declare 20 September the Day of Oilmen.
Following the signing of the contract the foreign oil companies increased investing in Azerbaijan. It gave an impetus to the upgrade of relationships and 25 contracts have been signed for exploration and development of oil an sags fields. Of them 14 are offshore, while 11 onshore fields.
Maximum oil production in the Country was recorded at 23.5 million tons in 1941. In Azerbaijan a total of 22.2 million tons of oil was produced. In 2006 the oil production in Azerbaijan will exceed 30 million tons, which will beat the record in the history of Country's oil industry.
In 2010 oil production in Azerbaijan is forecasted to reach some 60 million tons. A major rise in the oil production is achieved through the development of Azeri, Chirag and Deepwater fields
The contract changed in root the face of the Azerbaijan. It gave rise to inflow of serious European and other investors in the country Though part of targeted serving the oil companies under the agreements, there turned many investors not linked with the oil sector. Oil investments and gradual boosting of country's international image served as their insurance policy.
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. 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 historic significance of the event of 1994 is that coinciding with the beginning of the independence of Azerbaijan it enabled the nation with a wonderful chance of trusting himself, while the world entrusted this Muslim country less known worldwide. Then trust in the post-Soviet country and commencement of investing in its economy meant gradual obtaining of a reliable strategic partner in the difficult labyrinth in the South Caucasus. Thanks to the project of the century Azerbaijan has become a full member player in the world arena, while people are decisive to establish all-sufficient and democratic society for the sake of future generations.