Azerbaijan approves 'Contract of 21st Century'

Azerbaijan's President Ilham Aliyev approved the 'Contract of the Century' to extend the development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields until 2050, the official website of the …

LUKOIL increases production in the Caspian Sea

One of Russia’s biggest oil companies has completed drilling its eighth well in the Caspian Sea. Lukoil is now waiting to turn on the tap for the additional resources that will be unleashed from the Vladimir Filanovsky field, put in …

OPEC forecasts Azerbaijan's oil production decline

OPEC has published a report which predicts that Azerbaijan will continue the trend of oil production decline.  So, in 2020 it will amount to 0.7 million barrels a day and 0.6 million barrels a day by 2014. In 2015. The cartel …

BP halts production of Chirag platform

BP as the operator of the Azeri-Chirag-Guneshli field development project implemented a planned facility shut down of the Chirag platform. The production from the Chirag platform will be suspended for about 25 days to enable …

Azerbaijan earns $116 by Azeri-Chirag-Guneshli project

The revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project for developing the Azeri-Chirag-Guneshli block of oil and gas fields in the Azerbaijani sector of the Caspian Sea totaled $116.01 billion from 2001 to November 2015. …