Oil output declines 7-10% per year in Azerbaijan - SOCAR

"We expect oil output to stabilize in 2020."

Oil output declines 7-10% per year in Azerbaijan, Vitaliy Baylarbayov, SOCAR Deputy Vice President for investments and marketing, said at the SOCAR 2nd International Caspian and Central Asia Downstream Forum - Trading, Logistics, Refining, Petrochemicals.

“This is normal. We are trying to prevent this. We expect oil output to stabilize in 2020. This will mainly be related to a new contract to be signed on ACG development. Terms of oil contracts that Azerbaijan signed have not changed and this factor is important for foreign investors. Oil price was $12 when the Contract of the Century was signed, $60 when BTC was launched and $92 when Shahdeniz was launched. Price change did not cause investors’ interest in our projects to decrease”, Baylarbayov said.
SOCAR official noted that $220 billion has been invested in Azerbaijan’s oil sector so far and SOFAZ has earned $120 billion from these projects. 


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