The meeting gathered the Higher School top managers, professors, teachers and staff members. Opening the gathering, BHOS Vice-Rector for Training, Science and International Relations Ramiz Humbatov extended his congratulations on the professional holiday to the meeting participants and all oil and gas industry workers of the country.

He reminded that September 20 has been celebrated as the Oilmen Day in Azerbaijan since 2001 upon a decree by the national leader Heydar Aliyev. It is a remarkable day in the history of modern Azerbaijan: the “Contract of the Century”, namely Production Sharing Agreement on development of offshore Azeri, Chirag and Deepwater Gunashli (ACG) fields in the Azerbaijani sector of the Caspian sea in cooperation with leading international companies, was signed on September 20, 1994, said Ramiz Humbatov.

Twenty-three years have passed since the Contract of the Century was signed, he continued. Over these years, the oil strategy developed by the national leader Heydar Aliyev and effectively implemented by the President of the Azerbaijan Republic Ilham Aliyev has been successfully realized.

“New Agreement on the Joint Development and Production Sharing for the Azeri and Chirag fields and the Deepwater Portion of the Gunashli field in the Azerbaijani sector of the Caspian Sea signed on September 14 this year will contribute to further development of the oil and gas sector and to Azerbaijan economic prosperity,” said Ramiz Humbatov.

Under the terms of the new contract, which is of historic significance for the country, the development of the ACG oil fields is being extended until 2050. The new agreement is more ambitious than the agreement signed in 1994; it is aimed to ensure effective development of Azerbaijani offshore oil and gas fields for many years ahead, told the Vice-Rector.

Then associate professor of the BHOS English Language and Humanitarian Disciplines Centre, Ph.D. in history Alamdar Shahverdiyev made a presentation entitled “Oil of Azerbaijan and the country historic way to victory”. At the end of the meeting, a documentary highlighting signing of the Contract of Century was shown.

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