500 mln tons of oil remain in Azeri-Chirag-Gunashli fields - President

Thu 14 September 2017 06:37 GMT | 10:37 Local Time

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"Today is a remarkable day in the history of Azerbaijan, a new era begins in the development of the ACG field."

President of Azerbaijan Ilham Aliyev said this at the signing ceremony of a new agreement on the development of Azeri-Chirag-Guneshli oil and gas fields until 2050.

The head of state noted that the contract signed today is of great importance for our country:

"SOCAR's share in the new contract will be 25% (11.65% under the current contract). In addition, after foreign investors sign the contract, Azerbaijan will be paid $3.6 bn in various bonuses, the share of profitable oil will be 75%. At present, 500 million tons of oil remain in Azeri-Chirag-Guneshli."

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