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Extension of the "Contract of the Century" puts an end to some questions

Extension of the
New contract and active participation of international companies in the process shows once more that our country has great energy potential.

On September 6, the state-of-the-art Khankendi subsea construction vessel has been launched in Baku. President of the Republic of Azerbaijan Ilham Aliyev attended the ceremony. 
"The Shah Deniz gas field development is a strategic project for Azerbaijan.  The Shah Deniz 2 project is now 96 percent complete. The project is now 96 percent complete. This means that the project has already been implemented. It is impossible to develop the Shah Deniz field with maximum efficiency without the Khankendi vessel." the head of state made remarks at the ceremony. 

Large investments were thoughtfully and systematically made in the oil and gas sector of Azerbaijan, and today the result is visible. Historical achievements have been made in Azerbaijan’s oil and gas sector thanks to the joint activities and cooperation of BP and SOCAR, stressed President Aliyev.  
"I highly appreciate the activity of the Caspian Shipping Company. Its activity meets international standards. The shipping company already works with profit, pays big taxes to the budget,” he said. The president added that the successfully development of transport and energy infrastructure makes a great contribution to the overall development of Azerbaijan.  

Head of Oil Research Center Ilham Shaban told in his statement to "Kaspi” that extension of the contract will allow  Azerbaijan to continue its oil production steadily from the largest oil block in the Caspian Sea. On the other hand, 434 million tons of oil has been extracted from Azeri-Chirag-Gunashli block of oil and gas fields  so far. 
However, total reserves are about 1 billion tons and it means  more than half of the reserves have not been produced yet. Since 2010, oil output has been declined. It has been almost 20 years since 1997,  oil extraction has been going on. It is planned to continue oil production for the next 30 years  at the next stage. It is expected to  extract more oil than in previous years. The field is aged and requires more care. For this, there is a need for a variety of modern technologies. Azerbaijan has decided to continue partnership with those comapnies  that previously worked on that field. The decision is proper as those companies have known our country well for years. In frame of new contract Azerbaijan showed its interest to continue the cooperation and after analyzing partners also agreed with this. As all infrastructure is ready and there is no need to work with new staff. Local staff is able to do about 85% of complicated works. In that case it is comfortable to continue work in Azerbaijan. 


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