Baku, April 28 (AZERTAC). “The issue of keeping oil extraction at a stable level is very important to us. As you know, international companies operating in Azerbaijan are making great investments and at the same time, the Azerbaijani side is also actively involved in this work. As you know, Azerbaijan currently gets 75 per cent of revenues from oil extracted by the consortium. This shows that Azerbaijan had a serious position during the negotiations on the "Contract of the Century" despite the fact that our economic situation was not that good at the time and political developments also worried us to some extent,” President Ilham Aliyev said at the annual general assembly of the National Academy of Sciences.

The Head of State noted “at that time, we secured maximum acceptable conditions. That`s why most of the oil extracted by foreign partners today belongs to Azerbaijan. We have always expressed our view of this issue during our talks with foreign partners. We want to achieve long-term production. We do not have a positive view of the idea of increasing production. I believe that the current level of production is optimal. We should make sure that Azerbaijani oil continues to serve the development of the Azerbaijani economy for many years ahead.

Currently, we are implementing a big gas project, and the Shah Daniz gas deposit is one of the biggest and rarest gas deposits worldwide. After the Shah Daniz deposit, Azerbaijani scientists, geologists and oilmen discovered the Umid deposit. Thus, we have great gas potential and there is no doubt that Europe`s energy security, which I mentioned in my opening speech, could be resolved to some extent by Azerbaijani gas.”

According to the President “currently, serious negotiations are underway on this issue. Earlier this year, the European Union and Azerbaijan signed a declaration on the South gas corridor and set up a working group, and specific work is being carried out. Here, as always, we have to ensure the national interests of our country and people. We need new markets to export gas and our partners need new alternative sources. Our interests almost coincide here, and in the future, we will be determining the level of both oil and gas extraction in Azerbaijan. We will keep this extraction at the necessary level. Of course, these issues should combine with our long-term development strategy. I am saying again – scientists are having, and will have, their say.”