SOCAR launches headquarters to mark 15th anniversary of 'Contract of Century'

“We want to widely celebrate the 15th anniversary of the 'Contract of the Century', tell about the successes achieved from implementation of Azerbaijan's oil strategy set up by national leader Heydar Aliyev and Azerbaijan’s benefits from successful development of Azeri-Chirag-Gunashli fields,” Mammadov said.

He said solemn celebrations for the anniversary will take place on Sept. 15 to 18.

The 'Contract of Century' to develop Azeri, Chirag and deepwater Gunashli fields was signed in Baku on Sept. 20, 1994 and entered into force on Dec. 12 the same year.

Project participants are British BP (34,1367% - operator), U.S. Chevron (10.2814%), ExxonMobil (8.0006%), Devon Energy (5.6262%) and Amerada Hess (2.7%), Azerbaijani SOCAR (10%), Japanese In?ex Corr. (10%) and ITOCHU Oil (3.9205%), Norwegian Statoil (8.5633%) and Turkish TPAO (6.75%).

Oil production from Chirag started in Nov. 1997, from central part of the Azeri on Feb. 13, 2005, from western Azeri on Dec. 30, 2005, from eastern Azeri on Oct. 21, 2006 and from deepwater Gunashli in Apr., 2008.

Investments in development of Azeri-Chirag-Gunashli fields totaled $21billion in 1997 to 2008, according to SOCAR.  About 150 million tons of oil and 34 billion cubic meters of gas have been produced in 1997 to 2008.

Two export pipelines – Baku-Supsa and Baku-Tbilisi-Ceyhan – have been built and Baku-Novorossiysk pipeline has been overhauled as a part of the contract.

/Interfax Azerbaijan/