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President: New contract on ACG development is signed with more favorable and better conditions for Azerbaijan

President: New contract on ACG development is signed with more favorable and better conditions for Azerbaijan
"Today is a remarkable and historical day for Azerbaijan. A new period starts in the development of Azeri-Chirag-Guneshli block of oil and gas fields”, said President Ilham Aliyev.

The president made remarks on September 14 at the signing ceremony of contract for extension of Production Sharing Agreement (PSA) on development of Azeri-Chirag-Guneshli block of oil and gas fields by 2050.
 
The head of state noted that the contract to be signed today attaches great importance for our country: "Development of these fields is extended by 2050. This contract is signed with more favorable and better conditions for Azerbaijan. After signing of the contract, foreign investors will pay $3.6 billion in bonus to our country. SOCAR’s share will increase to 25 percent. Azerbaijan’s profit oil will make up 75 percent”.
 
The president said that 511 million tonnes of oil are supposed to be produced from ACG when the Contract of the Century was signed: "However, the reserves exceeded the forecast. For the present, the ACG has 500 million tonnes of unproduced oil”.

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