The head of state noted that the signing of contracts for the Azeri-Chirag-Gunashli and Shah Deniz fields is of historic significance.
“Contracts were signed after that as well. Some of them have been terminated. We often face such situations in international practice when drilling operations are carried out but sufficient resources are not discovered. However, let me repeat that Shah Deniz and Azeri-Chirag-Gunashli account for much of our oil and gas sector,” said the president.
“Of course, the next item on our agenda was the construction of oil and gas pipelines, and it was also resolved successfully. I think that this is also a historic project. By commissioning giant oil and gas pipelines in 2006-2007, Azerbaijan acquired great export opportunities. The oil and gas produced in the Caspian Sea began to be supplied to domestic and foreign markets,” he said.
President Aliyev noted that the value of the “Contract of the Century” was also in the fact that for the first time foreign oil companies were invited to the Caspian Sea and began to develop the rich oil and gas fields of the Caspian.
“After the construction of export oil and gas pipelines, Azerbaijan certainly entered a new phase and began negotiations on other fields. Some of them are already in operation. I believe that in the coming years we will be producing energy resources from new fields,” said the head of state.