Azerbaijani Economy 13 september — 14:02

Extension of Contract of Century will be signed tomorrow in Baku

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The Minister of Energy and Natural Resources of Turkey, Berat Albayrak will pay a visit to Azerbaijan on September 14, Turkish Ambassador to Azerbaijan Ercan Ozoral told journalists.

According to him, the purpose of the visit is participation in the signing ceremony of an agreement, providing for the extension of the Contract of the Century (PSA agreement on the development of the block of Azeri-Chirag-Gunashli fields) until 2050.

The PSA agreement on the development of the ACG block was signed on September 20, 1994 for a period of 30 years. In February 1995, AIOC was founded. In November 1997, oil production on the fields began.

The shares in ACG are held by BP (operator - 35.8%), SOCAR (11.6%), Chevron (11.3%), Inpex (11%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Itochu (4.3%), ONGC Videsh Ltd. (OVL, 2.7%).

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