Azerbaijan marks Oil Workers’ Day

Fri 20 September 2013 05:21 GMT | 10:21 Local Time

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A production-sharing agreement with respect to development of deep deposits of "Azeri", "Chirag", "Gunashli" in the Azerbaijan sector of the Caspian Sea was signed in Gulustan Palace in Baku on 20 September 1994.

The agreement was called Contract of the Century for its historic, political and international significance and was reflected in 400 pages and four languages.

According to a presidential decree dated 16August 2011, 20 September is marked as Oil Workers’ Day of Azerbaijan.

Contract of the Century is one of the largest agreements both for the amount of hydrocarbon reserves and volume of investments.  Of $64bn investments envisaged by oil agreements, $57.6bn will be invested in developing onshore fields and exploration on prospective structures.

The economy of Azerbaijan experienced a turning point as soon as the Contract of the Century was launched. As a first step, as part of project of primary production of oil in accordance with international standards, Chiraq-1 platform was restored and top module of the platform was upgraded and equipped with new equipment in order to drill new wells.

Presidents of the United States, Turkey, Azerbaijan, Georgia, Kazakhstan and Turkmenistan signed an intergovernmental agreement on construction of the "main export oil pipeline" Baku - Tbilisi - Ceyhan (BTC) at the OSCE summit in Istanbul in 1999.

The foundation of BTC pipeline was laid on 18 September 2002 at a ceremony attended by the then presidents of Azerbaijan, Turkey and Georgia.

The Azerbaijani and Georgian sections of the main export pipeline were connected in October 2004.

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