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This article was published on 09 September 2017 at 09:05 PM. It has 228 views so far.

A few days later, it is planned to sign a new contract for the development of the Azeri-Chirag-Gunashli field block. We will continue our activities in this field until 2050. This once again demonstrates that Azerbaijan has large oil reserves. As informs Azerbaijan State News Agency this has been said by President of Azerbaijan Ilham Aliyev during the presentation of a new vessel for underwater works within the Shah Deniz 2 field constructed at the request of BP at the Baku Shipyard.

‘I remember that in 1994, when the Contract of the Century was signed, some ill-wishers, both inside the country and foreign forces, said that there was not enough oil in Azerbaijan, because there was little oil in Azeri-Chirag-Gunashli and there was no need for construction of an oil pipeline, because this pipeline would remain empty. For 20 years we have been producing oil and gas from the Azeri-Chirag-Gunashli fields.The production started in 1997 and after 20 years a new contract is signed, according to which, until 2050, oil at the Azeri-Chirag-Gunashli field will be produced in sufficient volumes,’ said President Ilham Aliyev.

The head of state noted that this fact is a response to negative and prejudiced opinions, and also demonstrates that Azerbaijan has a very large energy potential.