OVER 5.5 BILLION DOLLARS INVESTED IN THE OIL SECTOR OF AZERBAIJAN
According to him, these funds were invested in the development of the Chirag deposit within the framework of the contract for the development of the Azeri-Chirag-Guneshli (ACG) and the construction of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline.
Mr Aliyev mentioned that since the start of oil extraction on the Chirag (November 1997), so far over 28 million tonnes of oil had been lifted and 5.8 billion cubic meters of gas given to Azerbaijan.
Apart from that, from the sale of Azerbaijani profit oil the oil sector of the country earned over USD800 million.
SOCAR boss also note that the total volume of investments required for the overall development of these large deposits with reserves estimated at 5.4 billion barrels amount to USD12 billion.
According to him, full scale work was going on at the moment on the construction of three drilling platforms for the development of the Azeri. In January 2005 oil extraction from Central Central Azeri should start, in April 2006 - production should commence from Western Azeri and in February 2007 from Eastern Azeri. Oil production from the deep sea part of Guneshli should start from July 2008. So by 2009, total production from the ACG should reach 1 million barrels per day.
Mr Aliyev also said that work was progressing on the BTC on full scale. In September 2004 work on the Azerbaijani part of the pipeline will be completed, in October 2004 - the Georgia and in December - the Turkish side he concluded.
Other news in this section
